Breakfast Cereals - Nigeria | Statista Market Forecast

Revenue in the Breakfast Cereals market amounts to US$2.51bn in 2024. The market is expected to grow annually by 11.92% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$23bn in 2024).
In relation to total population figures, per person revenues of US$10.94 are generated in 2024.
In the Breakfast Cereals market, volume is expected to amount to 370.70m kg by 2029. The Breakfast Cereals market is expected to show a volume growth of 8.0% in 2025.0.
The average volume per person in the Breakfast Cereals market is expected to amount to 1.4kg in 2024.

Definition:

The Breakfast Cereals market covers all types of cereal varieties which are usually created from grains like wheat, corn, or oats and flavored with sugars, different spices, and other ingredients. Breakfast cereal is frequently consumed with milk or yogurt and can be served hot or cold.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. 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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Muesli, granola cereal
Breakfast cereals (with or without nuts and dried fruits)
Oats, oatmeal, farina, grits, cream of wheat
Gluten-free cereals, high-fiber cereals, low-sugar cereals, protein cereals

Other cereal based products
popcorn
Out-of-home consumption

The Breakfast Cereals Market in Nigeria is experiencing subdued growth, impacted by factors such as low consumer purchasing power, limited distribution channels, and competition from traditional breakfast options. Despite this, the market shows potential for growth due to increasing health awareness and the convenience of ready-to-eat breakfast options.

Customer preferences: The Breakfast Cereals Market in Nigeria has witnessed a growing demand for healthier and more nutritious options, driven by a shift towards a more health-conscious consumer base. This has led to a rise in the popularity of organic and natural cereals, as well as gluten-free and sugar-free options. Additionally, with the increasing availability of online grocery shopping and delivery services, consumers are now able to access a wider variety of breakfast cereals, including international brands. This trend is expected to continue as more individuals prioritize their health and well-being.

Trends in the market: In Nigeria, the Breakfast Cereals Market within the Bread & Cereal Products Market is experiencing a growing demand for healthier and convenient options. This trend is driven by an increasing health consciousness among consumers and a rise in urbanization. As a result, there is a surge in the availability of gluten-free, organic, and high-protein cereal options. Moreover, there is a shift towards online shopping for breakfast cereals, with e-commerce platforms offering a wider range of products and hassle-free delivery. These trends are expected to continue, presenting opportunities for industry stakeholders to diversify their product offerings and reach a larger customer base.

Local special circumstances: In Nigeria, the Breakfast Cereals Market is heavily influenced by the country's large youth population and growing urbanization. As more Nigerians move to cities, there is a greater demand for convenient and ready-to-eat breakfast options. Additionally, the government's focus on promoting a healthy lifestyle has led to an increase in the consumption of whole grain and fortified cereals. However, the market is also affected by the country's high import tariffs and limited distribution infrastructure, making it challenging for manufacturers to reach certain regions.

Underlying macroeconomic factors: The Breakfast Cereals Market of the Bread & Cereal Products Market within The Food market in Nigeria is impacted by several macroeconomic factors. The global economic trends, such as fluctuations in commodity prices and currency exchange rates, can affect the cost of raw materials and production, ultimately influencing the market's performance. The national economic health, including GDP growth, inflation rates, and consumer spending, also plays a crucial role in determining the demand for breakfast cereals. Additionally, fiscal policies, such as taxes and subsidies, can impact the pricing and profitability of breakfast cereal companies in the country. Other relevant financial indicators, such as unemployment rates and consumer confidence, can also influence consumer purchasing behavior and, consequently, the market's growth.

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.