Key regions: Russia, India, Canada, Japan, South Korea
The Milk Market in Nigeria is facing subdued growth due to factors such as changing consumer preferences, rising health concerns, and the convenience of online shopping. Despite this, the market is still expected to experience significant growth driven by increasing adoption of digital technologies.
Customer preferences: As the demand for healthier and more sustainable food options continues to grow in Nigeria, there has been a noticeable shift towards plant-based milk alternatives in the Milk Market of the Dairy Products & Eggs Market within The Food market. This trend is influenced by a rise in health-consciousness and a growing number of vegetarian and vegan consumers in the country. Additionally, the increasing availability and variety of plant-based milk options are also driving this shift.
Trends in the market: In Nigeria, the Milk Market of the Dairy Products & Eggs Market within The Food market is experiencing a shift towards plant-based milk alternatives, driven by changing consumer preferences and health concerns. This trend is expected to continue, with a projected growth of 11% in the plant-based milk market by 2025. This shift has significant implications for industry stakeholders, such as dairy farmers and processors, who may need to diversify their products and adapt to changing market demands. It also presents opportunities for new players to enter the market and for retailers to expand their product offerings. Additionally, with the rise of e-commerce and online grocery shopping in Nigeria, the distribution and marketing of milk products are expected to become more digitized, creating new opportunities and challenges for industry players.
Local special circumstances: In Nigeria, the Milk Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's geographical and cultural differences. Nigeria's large population and growing urbanization have led to an increase in demand for dairy products and eggs. However, the country's lack of infrastructure and inconsistent power supply pose challenges for dairy production and distribution. Additionally, cultural preferences for fresh, unprocessed milk and eggs make it difficult for imported or processed products to compete in the market. These factors greatly impact the dynamics of the Milk Market in Nigeria, making it a unique market compared to others around the world.
Underlying macroeconomic factors: The Milk Market of the Dairy Products & Eggs Market within The Food market in Nigeria is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending power. The country's increasing population and rising income levels have led to a growing demand for dairy products, particularly milk. Additionally, Nigeria's government has implemented policies to support the growth of the dairy industry, such as providing subsidies for dairy farms and encouraging foreign investment in the sector. However, challenges such as inadequate infrastructure and high production costs remain barriers to market growth. Furthermore, global economic trends, such as fluctuations in commodity prices and trade policies, also impact the performance of the Milk Market in Nigeria.
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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