Key regions: United Kingdom, Spain, South Korea, Russia, Philippines
The Fruits & Nuts Market in Nigeria is witnessing subdued growth, influenced by factors such as fluctuating agricultural yields, limited processing infrastructure, and growing consumer preferences for fresh produce, alongside challenges in supply chain logistics.
Customer preferences: Consumers in Nigeria are increasingly prioritizing health and wellness, leading to a growing demand for organic and locally sourced fruits and nuts. This shift is influenced by a rising awareness of nutrition and the desire for clean eating among urban populations, particularly millennials and Gen Z. Additionally, there is a trend towards convenience, with more individuals opting for ready-to-eat fruit snacks and nut mixes. Social media is playing a pivotal role in shaping these preferences, as influencers promote healthier lifestyles and showcase innovative ways to incorporate fruits and nuts into daily diets.
Trends in the market: In Nigeria, the Fruits & Nuts Market is experiencing a surge in demand for organic and locally sourced produce, driven by an increasing focus on health and wellness among consumers. Urban populations, particularly millennials and Gen Z, are leaning towards clean eating, fostering a preference for nutritious snack options. There is also a notable rise in the popularity of ready-to-eat fruit snacks and nut mixes, catering to the trend for convenience. The influence of social media is significant, as health influencers promote these products and innovative consumption methods, impacting purchasing decisions and encouraging local producers to enhance product quality and variety.
Local special circumstances: In Nigeria, the Fruits & Nuts Market is shaped by a rich biodiversity and favorable climate conditions that support the cultivation of a wide variety of fruits and nuts. Cultural preferences for indigenous produce, such as cashews and kola nuts, further drive local consumption patterns. Additionally, regulatory initiatives promoting food safety and quality standards are encouraging organic farming practices. The vibrant street food culture also integrates fruits and nuts into traditional diets, making them integral to daily life and enhancing their appeal among health-conscious consumers.
Underlying macroeconomic factors: The Fruits & Nuts Market in Nigeria is significantly influenced by macroeconomic factors such as national economic stability, foreign exchange rates, and agricultural investment. A growing economy bolstered by government initiatives to enhance agricultural productivity leads to increased production and supply of fruits and nuts. Fluctuations in global commodity prices can impact export competitiveness, while favorable fiscal policies that support local farmers contribute to the market's resilience. Furthermore, rising disposable incomes and a shift towards healthier diets drive domestic consumption, making fruits and nuts increasingly integral to the nation's food landscape.
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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