Key regions: Japan, Philippines, United Kingdom, India, South Korea
The Other Dairy Products & Eggs Market in Nigeria is facing subdued growth due to factors such as low consumer awareness, limited access to digital technologies, and challenges in supply chain management. However, the market still shows potential for growth, driven by the increasing demand for nutritious and convenient food options among consumers.
Customer preferences: With the rise of health consciousness and the demand for healthier food options, there has been a growing trend towards plant-based dairy alternatives such as almond milk and soy yogurt. This shift is also influenced by the increasing number of individuals adopting vegan or vegetarian diets. In addition, the rise of lactose intolerance and dairy allergies has also contributed to the popularity of non-dairy products in the Nigerian and global market.
Trends in the market: In Nigeria, there is a growing demand for alternative dairy products such as plant-based milk and yogurt, as consumers become more health-conscious and seek dairy-free options. This trend is expected to continue as the country's population grows and its middle class expands. Additionally, there is a rise in the popularity of free-range and organic eggs, driven by concerns about animal welfare and the environment. These trends have led to an increase in the number of niche dairy and egg producers entering the market, offering specialized and premium products. This presents opportunities for industry stakeholders to diversify their product offerings and cater to the evolving preferences of consumers. However, it also poses challenges for traditional dairy and egg producers who may struggle to compete with these alternative products.
Local special circumstances: In Nigeria, the Other Dairy Products & Eggs Market is influenced by the country's diverse cultural preferences, as well as its regulatory environment. For instance, the consumption of traditional dairy products, such as local yogurts, is deeply ingrained in Nigerian culture. Additionally, the government's efforts to promote local production and reduce imports has led to increased opportunities for domestic dairy producers. These factors have a significant impact on market dynamics, distinguishing it from other markets in the region.
Underlying macroeconomic factors: The Other Dairy Products & Eggs Market of the Dairy Products & Eggs Market within The Food market is significantly impacted by macroeconomic factors such as consumer spending power, inflation rates, and government policies. Countries with stable economic conditions and a growing middle class are experiencing higher demand for these products, as consumers have more disposable income to spend on premium food items. In addition, favorable government policies and investments in agriculture and food processing industries are also driving market growth. On the other hand, regions with economic instability and high inflation rates are facing challenges in the production and distribution of dairy and egg products, leading to slower 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.
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