Foodhive: Pioneering The Business of Food Service Technology

Years ago, when people think of the food service business they thought more of the kiosk, street vendors, and restaurants. But in the most recent years, this notion has been challenged to a large extent, due to the rising need in comfortably, ease and dynamics of the ever evolving technology in the landscape of Nigeria.

Yes, the food service business in Nigeria doesn’t have statistics to point to on its profitability. However, it’s imperative to know that in the United States according to Statista:

• Revenue in the Online Food Delivery segment amounts to US$136,431m in 2020.
• Revenue is expected to show an annual growth rate (CAGR 2020–2024) of 7.5%, resulting in a market volume of US$182,327m by 2024.
• The market’s largest segment is Platform-to-Consumer Delivery with a market volume of US$70,741m in 2020.
• In global comparison, most revenue is generated in China (US$51,514m in 2020).

Be it as it may, that is some mouth watering statistics to be honest. The reality that the most essential needs of man (food, clothing and shelter), cannot be defeated even in the coming generations, is a pointer to the need to focus on boosting a sector that might not be the spotlight of the decade.