Definition:
Baby milk and infant formula are types of milk made specifically for infants and young children who are not yet able to consume solid food or who cannot be breastfed. They are also intended for children aged between 1 and 3 who do not get enough nutrients from their regular diet.
Baby milk is typically made from cow’s milk that has been modified to make it more easily digestible for babies. It may also contain added nutrients, such as vitamins and minerals, to ensure that infants or young children receive all the nutrients they need for healthy growth and development. Infant formula is specially designed to mimic the nutrient content of breast milk as closely as possible. Baby milk and infant formula may come in different forms, such as in powdered form, as a liquid concentrate, or in a ready-to-feed form.
Additional information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram). The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption, out-of-home consumption is not included.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Baby Milk & Infant Formula Market in Nigeria is experiencing minimal growth, influenced by factors such as low consumer awareness and limited availability of affordable options. Despite being a significant segment of the overall Food Market, the lack of innovation and competition is impacting its growth rate.
Customer preferences: The demand for organic and natural baby milk and infant formula products is on the rise in Nigeria, as more parents are opting for healthier and safer food options for their babies. This trend is driven by the growing awareness about the benefits of organic and natural products, as well as concerns over the quality and safety of conventional baby food products. Additionally, with the increasing number of working mothers and busy lifestyles, there is a growing demand for convenient and easy-to-prepare baby food options, leading to a surge in the sales of ready-to-feed and powdered baby milk and infant formula products.
Trends in the market: In Nigeria, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a growth in demand for organic and natural products. This trend is driven by increasing awareness of the health benefits of these products, as well as concerns over the safety and quality of traditional formula. As a result, major players in the industry are expanding their organic and natural product lines. This trend is likely to continue, as consumers become more health conscious and demand for clean label products grows. Additionally, there is a rise in online sales of baby formula, as more consumers turn to e-commerce for convenience and competitive pricing. This trend is expected to have a significant impact on the industry, as companies invest in digital platforms and logistics to capture the growing online market. Overall, these trends demonstrate the importance of adapting to changing consumer preferences and leveraging technology in order to stay competitive in the Nigerian baby food market.
Local special circumstances: In Nigeria, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by cultural preferences for formula feeding and the lack of breastfeeding support. The country's hot and humid climate also poses challenges for formula storage and distribution. Additionally, strict regulations on the import and sale of baby food products have led to a limited variety of options for consumers. These factors have contributed to a highly competitive market, with companies focusing on localized marketing and distribution strategies to meet the unique needs of Nigerian parents.
Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market in Nigeria is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's continued economic growth and rising disposable income have led to increased consumer spending on premium baby food products, including infant formula. Additionally, government initiatives to improve the overall health of the population, particularly for infants, have resulted in favorable regulatory support for the baby food industry. However, high import tariffs on baby food products and fluctuating exchange rates can pose challenges for market growth. Moreover, the rising population and increasing urbanization in Nigeria are driving the demand for convenient and nutritious baby food products, further fueling the growth of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights