Key regions: Japan, India, China, United Kingdom, South Korea
The Snack Food Market in Nigeria is facing subdued growth due to various factors such as economic downturn, changing consumer preferences, and increasing competition from healthier snack options. Despite this, the market is expected to experience moderate growth in the coming years, driven by the rising demand for convenient and affordable snack options. The Confectionery & Snacks Market within The Food market is also witnessing growth, fueled by the increasing popularity of tortilla chips, flips & pretzels, potato chips, and cookies & crackers. However, the market is facing challenges such as changing consumer trends and health concerns, which are impacting the overall growth rate.
Customer preferences: In Nigeria, there has been a growing demand for healthier snack options, with consumers becoming more health-conscious and seeking out products with natural and organic ingredients. This trend is driven by a desire for clean eating and a more holistic approach to wellness. In addition, there has been an increase in demand for convenient, on-the-go snack options as a result of busy lifestyles and the rise of urbanization. These factors have led to a surge in the popularity of healthier snack alternatives, such as protein bars, granola bars, and fruit and nut mixes. Additionally, there has been a rise in the consumption of ethnic snacks and flavors, reflecting the diverse and multicultural nature of the Nigerian population.
Trends in the market: In Nigeria, the Snack Food Market of the Confectionery & Snacks Market within The Food market is experiencing a surge in demand for healthier snack options. This trend is driven by a growing awareness of the benefits of healthy eating and an increase in disposable income. As a result, there is a rise in the availability of organic and natural snack products in the market. This trend is expected to continue, with industry players focusing on developing and promoting healthier snack options to cater to the evolving consumer preferences. This shift towards healthier snacks also presents opportunities for market players to expand their product portfolios and tap into a growing health-conscious consumer base.
Local special circumstances: In Nigeria, the Snack Food Market of the Confectionery & Snacks Market within The Food market is heavily influenced by the country's diverse and rich culinary culture. Local snacks and street food, such as roasted plantains and meat pies, are popular among Nigerians and contribute significantly to the market's growth. Additionally, the country's large youth population and their increasing disposable income drive the demand for snacks, leading to the emergence of innovative and unique snack products. However, the market is also regulated by strict import policies, making it challenging for international brands to enter and compete.
Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market in Nigeria is heavily influenced by macroeconomic factors such as national economic health, consumer confidence, and government policies. The country's rapidly growing population, increasing urbanization, and rising disposable income levels are driving the demand for convenient and affordable snack options. Additionally, the government's efforts to diversify the economy and improve the business climate are attracting foreign investment and boosting market growth. However, challenges such as inflation, currency devaluation, and infrastructural deficiencies can hinder market 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
