Key regions: Canada, Russia, United States, Japan, United Kingdom
The Yogurt Substitutes Market in Nigeria has seen minimal growth due to factors such as low consumer awareness, limited availability of substitutes, and preference for traditional dairy products. However, with the increasing health consciousness and adoption of digital technologies, the market is expected to experience a gradual growth in the coming years.
Customer preferences: As consumers in Nigeria become more health-conscious, there has been a growing demand for dairy-free and plant-based yogurt substitutes. This trend is driven by a shift towards healthier and more sustainable food choices, as well as an increasing number of individuals with lactose intolerance or dairy allergies. This has led to the emergence of innovative alternatives such as coconut, almond, and soy-based yogurts, catering to the diverse dietary preferences of consumers in the country. Additionally, the rise of veganism and flexitarian diets has also contributed to the growth of the yogurt substitutes market, as more individuals seek animal-free alternatives for their daily meals.
Trends in the market: In Nigeria, the Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market is seeing a shift towards plant-based alternatives, driven by health and environmental concerns. This trend is expected to continue as consumers become more health-conscious and demand for sustainable options. Additionally, there is a growing demand for lactose-free and vegan options in the market. This presents an opportunity for industry stakeholders to tap into this segment and diversify their product offerings to cater to changing consumer preferences. Furthermore, the rise of e-commerce and online grocery shopping in Nigeria is providing a platform for companies to reach a wider consumer base and increase sales.
Local special circumstances: In Nigeria, the demand for yogurt substitutes is driven by a growing health-conscious population and a desire for alternative dairy options. The market is also influenced by cultural preferences, with traditional yogurt substitutes such as kunu and fura gaining popularity. Additionally, regulatory policies promoting locally-produced products have led to the emergence of new players in the market, offering unique blends of yogurt substitutes using indigenous ingredients. These factors contribute to a diverse and dynamic yogurt substitutes market in Nigeria, setting it apart from other markets in the region.
Underlying macroeconomic factors: The Yogurt Substitutes Market of the Dairy Products & Eggs Market within The Food market in Nigeria is impacted by various macroeconomic factors. The country's economy heavily relies on oil exports, making it vulnerable to fluctuations in global oil prices. Political instability, corruption, and inadequate infrastructure also affect market performance. Moreover, the ongoing COVID-19 pandemic has disrupted supply chains and consumer buying behaviors, leading to a decline in demand for yogurt substitutes. However, the growing health consciousness and increasing disposable income of the Nigerian population present opportunities for market growth. Additionally, government initiatives to diversify the economy and improve food security are likely to positively impact the market.
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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