-
AfDB, Afreximbank urged to join effort
-
Eyes $84bn global ethnic food market
-
Food market revenue is $9.13trn in 2024
Phillip Isakpa, in London, UK
The cities of Manchester in the United Kingdom and Baltimore in Maryland, United States of America have been pencilled down to host in July and August a revolutionary ambitious effort to push African cuisine to the mainstream of global acceptance.
The push is being championed by AfroFlavour, a UK incorporated organisation, which is keen to position African food and cuisine for international acceptance to help Africa get a slice of the global ethnic food market which was valued at $39.7 billion in 2022.
Data estimates this value will grow from $43.19 billion in 2023 to $84.81 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.8 percent in a forecast period from 2024 to 2031.
In 2022 Chinese cuisine, with roughly 40 percent, dominated the ethnic food market, accounting for the biggest revenue share owing to increased demand for Chinese cuisine around the world.
The global food service market is much bigger. In 2019 data shows it was valued at $2323.29 billion and was projected to grow from $2540.05 billion in 2023 to $5194.6 billion by 2031, growing at a CAGR of 10.76 percent in the forecast period of 2024 to 2031.
This is the dynamics that AfroFlavour, the promoters, say they are trying to push Africa into as they believe the richness and diversity of African cuisine needs to be brought to the global stage for full blown acceptance and to enable those in the agricultural food business extend the value chain like the Chinese, Indians, Mexicans and some other Asian countries have done with their cuisines.
In Manchester, United Kingdom, and Baltimore, Maryland, United States, the promoters are putting together what has been tagged “Afro Flavour Food Festival” that will see African food, music, arts, fashion lurk in the background of serious discussions that will examine how to promote and project African cuisine to the international mainstream, as well as talk about exporting African foods to the world.
Lucky Idike Jr, a chartered accountant and management consultant who is leading the charge for the international mainstreaming of African cuisine, told Business a.m. from Manchester that this is much more than a food festival. “It is also a mission to increase the understanding of the dynamics of the African food business outside Africa. A mission to catalyse its growth rate and drive foreign exchange earnings and economic development for Africa,” he said.
According to him, the food industry is one of the biggest industries in the world, noting that the Chinese food industry in the United States of America is $26 billion based on some 2023 estimates. “I am not sure what the numbers for the African food industry are, but I’m not sure that we have hit one billion dollars yet,” he added.
Idike Jr. sees a link with the story of a rising Africa. According to him, “Africa is rising. African music, fashion, tech and movies have gone mainstream. Food will follow. Immigration, procreation, and culinary curiosity are some of the factors that will drive this growth in the UK, Europe, America and Asia.
“To optimise this growth and the benefits to Africa, African governments and multilateral institutions like African Union (AU), Afreximbank, AfDB [African Development Bank] must give thought to maximising the export potential of the African food industry. And some low-hanging fruit present themselves.
“For example, all multilateral organisations can decide that at every meeting, lunch, dinner, or gala, African food must feature prominently. That will be a great catalyst as it will put African cuisine on the table in the nicest hotels and restaurants in the world.
“I attended several events on the sidelines of the World Bank Spring meetings in DC [Washington]. Only the events hosted by Nigerians featured African cuisine. Demand will boost supply,” he noted.
He said both the UK and the US editions of the AfroFlavour Food Festival will open with a conference on the African food business, noting that this is deliberate.
“Stakeholders in the industry will network and listen to speakers present papers that provide knowledge, stimulate ideas, provide insights, and change mindsets. The keynote paper is titled, “Mainstreaming the African Food Industry, the Chinese Model”. The two other papers will be, “Building an African Food Chain” and “ Financing options for African entrepreneurs”,” he added.
He acknowledged that for what Africa Flavour is trying to do, the AU, Afreximbank, and the AfDB can provide great resources in these areas.
The Manchester, UK and Baltimore, Maryland, US events will also involve the curation of an African Export Pavillion, a platform for MSMEs with exportable products to exhibit before buyers and users of their products in the UK and the US, which would allow for trade deals to be consummated.
He noted that agriculture and the food industry’s growth potential, profitability, and value-creation capacity have been demonstrated, adding that what the African food industry requires now are champions and leadership.
They are hoping that the Afreximbank and the AfDB who they have reached out to will join them to push this agenda to make African cuisine mainstream internationally and thus extend the agricultural value chain to the last mile.
The broad food business is lucrative. Data shows that revenue in the food market amounts to $9.13 trillion in 2024 and is expected to grow annually by 6.58 percent (CAGR 2024-2028). The meat segment is the largest with a market volume of $1.46 trillion in 2024.
Global comparison shows that most revenue, estimated at $1, 607 billion in 2024 is generated in China. Global revenue per person in relation to total population figures is $1,178.00 in 2024.
