Angola Retail Industry Market is projected to grow at a CAGR of 7.3% during 2024-2030

Food and Beverage segment by Product held the highest revenue share of Angola Retail Industry Market -6Wresearch

In 2023, the food and beverage segment emerged as the leading revenue contributor in Angola's retail industry, primarily driven by strong consumer demand for these products. The segment's growth has been further bolstered by the rising import of food items to meet domestic consumption needs. Notably, Angola has become the largest importer of U.S. poultry in Africa and the sixth-largest globally in 2023, underscoring the reliance on imported food products to support its retail market.

According to 6Wresearch, the Angola Retail Industry Market is projected to grow at a CAGR of 7.3% during 2024-2030. The rapid expansion of e-commerce in Angola, supported by increased internet penetration and enhanced mobile network coverage, is significantly transforming the retail industry. In 2023, internet access rose by 3.1% compared to the previous year, and leading telecom operator Unitel expanded its 4G network to cover over 80% of the country. The introduction of 5G services in key cities like Luanda and Benguela is further improving connectivity, making online shopping more accessible and convenient for consumers. Angola’s retail industry is poised for sustained growth, driven by rising adoption of online retail and increased investments in domestic production. For instance, the projected increase in local poultry production from 42 thousand tonnes in 2023 to 244.32 thousand tonnes by 2027, is anticipated to enhance the availability of locally sourced food products, thereby providing stable supply to the retail sector.

Furthermore, the Angolan government's commitment to enhancing digital infrastructure is expected to significantly shape the future of the retail industry. Through initiatives like N'Gola Digital and Angola Online, the government aims to provide broadband access to 80% of the population by 2030 which would boost the growth of e-commerce, thereby enabling more consumers to participate in digital retail.

According to Vasudha, Senior Research Analyst, 6Wresearch, the supermarket and hypermarket segment led Angola's retail industry in revenue in 2023, driven by expansions and growing consumer preference for organized retail. Major players like SPAR, Kibabo, and Newaco Group (Newaco Group) have significantly expanded. SPAR added nine stores in 2022, while Kibabo grew from 5 to 12 outlets, aiming for 40 stores, solidifying the segment as the top revenue channel in the market.

Angola Retail Industry Market (2024-2030) report provides an in-depth analysis with 17 figures and 5 tables, covered in 74 pages. The report thoroughly covers the market, by product and distribution channel. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high-growth areas, and market drivers which would help stakeholders devise and align their market strategies according to the current and future market dynamics.