Key regions: Russia, Spain, South Korea, Philippines, United States
The Yogurt Market in Nigeria is facing subdued growth due to various factors including low consumer awareness, lack of access to digital technologies, and limited convenience in online services. Despite this, it is expected to experience significant growth in the coming years.
Customer preferences: As the Nigerian population becomes more health-conscious, there is a growing demand for healthier food options, leading to an increase in yogurt consumption. Additionally, with the rise in urbanization and busy lifestyles, consumers are gravitating towards convenient and on-the-go snacking options, making yogurt a popular choice. Furthermore, there is a shift towards plant-based and dairy-free yogurt alternatives, driven by the increasing number of individuals following vegan and lactose-free diets.
Trends in the market: In Nigeria, the Yogurt Market within the Dairy Products & Eggs Market is experiencing a surge in demand for probiotic and low-fat options, as health-conscious consumers seek out healthier alternatives. This trend is expected to continue on an upward trajectory, driven by the increasing prevalence of lifestyle diseases and a growing focus on preventive healthcare. Industry stakeholders are responding by diversifying their product offerings and investing in research and development to introduce new and innovative products to cater to this demand. This trend also presents opportunities for collaboration with healthcare providers and the incorporation of technology in production and distribution, potentially leading to increased market share and revenue growth.
Local special circumstances: In Nigeria, the Yogurt Market of the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's cultural preferences for dairy products and its growing middle class. The population's increasing awareness of the health benefits of yogurt has also contributed to the market's growth. Moreover, Nigeria's tropical climate and high temperatures have led to a high demand for yogurt as a refreshing and nutritious snack. However, the market faces challenges such as limited access to cold chain infrastructure and strict government regulations on milk imports, which can impact the availability and pricing of yogurt products. Additionally, the country's large Muslim population has led to a significant demand for halal-certified yogurt, creating a unique market segment for dairy companies to tap into.
Underlying macroeconomic factors: The Yogurt Market of the Dairy Products & Eggs Market within The Food market in Nigeria is influenced by macroeconomic factors such as consumer purchasing power, population growth, and government policies. With a growing population and increasing disposable income, there is a rising demand for healthy and convenient food options, including yogurt. The government's focus on promoting local production and reducing food imports has also created opportunities for domestic yogurt producers. However, the market is also impacted by factors such as inflation, exchange rates, and trade policies, which can affect production costs and prices. Furthermore, the ongoing COVID-19 pandemic has disrupted supply chains and consumer behavior, leading to fluctuations in demand and sales.
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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