Amid a projected 5.1 per cent Compound Annual Growth Rate for the global Quick Service Restaurants industry between 2020 to 2027, Nigeria’s bourgeoning middle class and its young population pegged at about 60 per cent and the adoption of digital innovation have been identified as key factors that will drive sustainability and growth in the country’s QSR sector.
According to Sun-Basorun, as key cities continue to swell with a bourgeoning middle class and as both Gen Z and millennials – two unique demographic groups with different palates, tastes and propensities to eating out and purchasing food – begin to emerge as key players in the socio-economic space, it opens up a new set of opportunities for QSR operators to provide offerings that are fit for purpose for those different demographics.
“We have also seen a growing trend in the health food space with the proliferation of products ranging from salads to parfaits to wraps among others. This trend is being driven by a variety of smaller players serving in one to three chain locations or out of their kitchen via social media.” While identifying supply chain challenges exacerbated by the COVID-19 pandemic as well as food inflation among the most critical challenges facing the QSR industry, Sun-Basorun expressed optimism that operators’ resilience would strengthen the industry’s capacity to grow and meet the demands of an increasingly sophisticated consumer class.