Key regions: Canada, South Korea, United Kingdom, Japan, Philippines
The Cheese Substitutes Market in Nigeria is facing sluggish growth due to low consumer awareness and preference for traditional dairy products. Despite the negligible growth rate, rising health consciousness and convenience offered by online services are expected to drive market growth in the near future.
Customer preferences: With the rise of lactose intolerance and veganism in Nigeria, there has been a growing demand for cheese substitutes made from plant-based ingredients such as cashews, almonds, and soy. This trend is also fueled by a cultural preference for healthier options and a shift towards more sustainable and ethical food choices. Additionally, the convenience and accessibility of these alternatives through online delivery services have contributed to their popularity among busy urban consumers.
Trends in the market: In Nigeria, the Cheese Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing a surge in demand for plant-based alternatives to traditional dairy products, driven by the rising awareness of health and environmental concerns. This trend is expected to continue, with a projected annual growth rate of 10% in the next five years. As consumers become more health-conscious and environmentally aware, there is a growing demand for dairy-free options, creating opportunities for industry stakeholders to innovate and expand their product offerings. Additionally, the government's initiatives to promote sustainable agriculture and reduce dependence on imported dairy products are also driving the growth of the cheese substitutes market in Nigeria. As the trend towards plant-based diets continues to gain momentum globally, the Nigerian market presents significant growth potential for dairy-free alternatives, making it a lucrative market for industry players to tap into.
Local special circumstances: In Nigeria, the Cheese Substitutes Market is influenced by a variety of factors, including the country's large population and increasing urbanization. With a growing middle class and changing dietary preferences, there is a rising demand for healthier and more affordable dairy alternatives. Additionally, the country's strict regulations on dairy imports have led to a surge in domestic production of cheese substitutes, providing economic opportunities for local farmers and manufacturers. The cultural importance of dairy in Nigerian cuisine also plays a significant role in shaping the market, with traditional dairy substitutes like coconut milk and soy milk being widely used in regional dishes.
Underlying macroeconomic factors: The demand for cheese substitutes in Nigeria is heavily influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. As the country continues to experience economic growth and a rising middle class, there is a growing demand for healthier and more affordable food options, including cheese substitutes. Additionally, government initiatives to promote domestic production and reduce imports have also contributed to the growth of the cheese substitutes market in Nigeria. Furthermore, global trends towards plant-based diets and the increasing health consciousness among consumers are also driving the demand for cheese substitutes in the country.
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)
