Key regions: India, Canada, China, United States, Russia
The Milk Substitutes Market in Nigeria is experiencing average growth, driven by factors such as increasing health consciousness among consumers, adoption of digital technologies, and convenience of online services. This market is impacted by changing dietary habits and growing demand for plant-based alternatives.
Customer preferences: The growing trend of health-consciousness among consumers is driving the demand for plant-based milk substitutes in Nigeria. This shift is influenced by cultural preferences for natural and organic products, as well as an increasing awareness of lactose intolerance and dairy allergies. Additionally, the younger population in Nigeria is embracing a more Westernized diet, leading to a rise in demand for milk substitutes as a healthier alternative to traditional dairy products.
Trends in the market: In Nigeria, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is experiencing an increase in demand for plant-based milk alternatives. This trend is driven by the rising health consciousness among consumers and a growing preference for dairy-free options. Additionally, there is a rise in the availability and variety of milk substitutes, including almond, soy, and coconut milk. This trend is expected to continue, with potential implications for dairy industry stakeholders who may need to adapt their product offerings to meet the changing consumer preferences in Nigeria.
Local special circumstances: In Nigeria, the Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market is influenced by several cultural factors. The country has a large Muslim population, which has led to a rise in demand for halal-certified products. Additionally, due to the hot climate, there is a preference for non-dairy milk substitutes such as soy milk. Furthermore, the Nigerian government has implemented regulations to promote local production and reduce dependence on imported milk products, creating opportunities for local players in the market.
Underlying macroeconomic factors: The Milk Substitutes Market of the Dairy Products & Eggs Market within The Food market in Nigeria is influenced by various macroeconomic factors. The country's economic health, fiscal policies, and global economic trends play a crucial role in shaping the market performance. Consumption patterns, government regulations, and investment in the dairy industry also impact the market. Additionally, rising health concerns, increasing disposable income, and changing lifestyles are driving the demand for milk substitutes in Nigeria. The market is also affected by factors such as technological advancements, regulatory support, and investment in dairy infrastructure, as these influence the production, quality, and availability of milk 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.
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