American global fast food outlet, Burger King (BK), has revealed plans to enter into the Nigerian market as it looks outside the U.S growth.
According to Daniel Schwartz, chief executive of Restaurant Brands International parent company of Burger King, the Nigerian market is the next target of the company leveraging on the huge population of about 190 million with an average age of 18 years, a burger-loving age.
Burger King accounted for about two-thirds of Restaurant Brands International’s $8 billion in sales in the last quarter. It has also embarked on an aggressive increase in the number of its outlets across the globe. As at the end of September, it has more than 17,000 restaurants with just 7,300 of this in the U.S
Is Burger King ready for Nigeria’s market?
The global fast food market is driven by modern lifestyle, changing food habits and increasing disposable income in the hand of middle-class people. The rapid growth of population and increasing urbanization is one of the major growth drivers. According to Euromonitor, the global fast food market grew 4.9 per cent to $708 billion in 2017.
In Nigeria, there is a growing battle between traditional food outlets such as Mr Biggs, Tantalizer and new entrants into the fast food market. The new entrants such as The Place, KFC, and Sweet Sensation have adopted strategies that have seen them commanding a larger market share.
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Should it decide to enter the Nigerian market, Burger King must be ready for a stiff competition against local food chain outlets.
Burger King is an American global chain of hamburger fast food restaurants. Headquartered in Florida, the company was founded in 1953. It focuses on ready-to-eat foods such as Burgers, chickens, salad and veggies.