Eggs - Nigeria | Statista Market Forecast

The Eggs Market in Nigeria is seeing minimal growth, impacted by factors such as low consumer awareness and limited access to digital technologies. However, rising demand for healthier food options is expected to drive growth in the coming years.

Customer preferences: As the health and wellness trend continues to gain momentum in Nigeria, consumers are becoming more conscious of the nutritional value of their food choices. This has led to a growing demand for organic and free-range eggs, as well as increased interest in alternative egg products such as egg whites and liquid eggs. This shift in preference is also influenced by cultural values that prioritize fresh and natural ingredients in traditional dishes. Additionally, the rise in vegan and vegetarian diets among young Nigerians has fueled the demand for plant-based egg substitutes.

Trends in the market: In Nigeria, the Dairy Products & Eggs Market is experiencing a surge in demand for organic and locally-sourced eggs. This trend is driven by consumer preferences for healthier and more sustainable food options. Additionally, there is a growing interest in specialty eggs, such as free-range and cage-free, as consumers become more conscious of animal welfare. This trajectory is significant for industry stakeholders as it presents opportunities for diversification and premiumization of products. However, it also poses challenges in terms of supply chain management and production costs. To remain competitive, companies may need to invest in sustainable and ethical practices while also leveraging digital platforms to reach a wider customer base.

Local special circumstances: In Nigeria, the Eggs Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by government policies and regulations. The country has strict import restrictions on dairy products, leading to a high demand for locally produced eggs. Additionally, cultural preferences for egg-based dishes drive the market, with eggs being a staple in many Nigerian meals. Geographically, the market is also impacted by the country's diverse landscape, with different regions having varying levels of egg production and consumption.

Underlying macroeconomic factors: The Eggs Market of the Dairy Products & Eggs Market within The Food market in Nigeria is primarily influenced by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. The country's population growth and rising urbanization have led to a growing demand for dairy products and eggs, contributing to market growth. Furthermore, favorable government policies promoting agriculture and investments in the dairy sector have also played a crucial role in driving market growth. However, challenges such as the high cost of production and inadequate infrastructure continue to hinder the market's potential. Additionally, global economic trends, such as fluctuations in commodity prices and trade policies, can also impact the market's performance. Overall, the market's growth potential in Nigeria is closely tied to the country's economic health and government support for the dairy industry.

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.