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Rising disposable incomes, growing foreign investor confidence and continued government investment in a growing shopping centre culture will be instrumental in promoting grocery retailers in Kenya.As a result, grocery and FMCG retail is forecast to record a value CAGR of 4% at constant 2016 prices over the forecast period.
The F&B retail industry has shown no sign of losing momentum, with rising demand among an increasingly wealthy consumer class expected to maintain sector resilience. Data from a Bloomberg survey shows that 36% of Kenyans do their grocery shopping in formal retail outlets which is the second highest ratio on the African continent.
Increased international interest in the Kenyan market, with direct investment from companies such as Walmart, Carrefour and Botswana’s Choppies, has played a key role in increasing consumer confidence and spending as international brands enter the country to take maximum advantage of the retailing opportunity that Kenya presents.In addition to the excellent Kenyan market, Bloomberg has also confirmed 3 of the fastest growing 5 economies in Africa are from the East African region: Ethiopia, Rwanda and Tanzania.