Processed Meat - Nigeria

Nigeria

Revenue in the Processed Meat market amounts to US$12.18bn in 2024. The market is expected to grow annually by 10.84% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$42bn in 2024).
In relation to total population figures, per person revenues of US$52.35 are generated in 2024.
In the Processed Meat market, volume is expected to amount to 1.20bn kg by 2029. The Processed Meat market is expected to show a volume growth of 2.8% in 2025.
The average volume per person in the Processed Meat market is expected to amount to 4.6kg in 2024.

Key regions: India, China, United Kingdom, Spain, South Korea

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Analyst Opinion

The Processed Meat Market in Nigeria is experiencing subdued growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping. Despite the challenges, the market is still expected to grow due to the popularity of sub-markets such as Ham & Bacon, Sausages, and Cold & Roast Meat Products.

Customer preferences: As Nigeria's urban population continues to grow, there is a noticeable shift towards convenience and convenience foods. This has led to an increase in demand for processed meat products, such as canned meats and sausages. Additionally, with the rise of busy lifestyles, there is a growing preference for ready-to-eat or easy-to-prepare processed meat options. This trend is further reinforced by cultural factors, as meat is a staple in Nigerian cuisine and is often seen as a symbol of wealth and social status.

Trends in the market: In Nigeria, the market for processed meat is experiencing a shift towards more healthy and sustainable options. With the increasing awareness of the negative health effects of consuming processed meats, consumers are turning towards plant-based alternatives and organic meat products. This trend is expected to continue as more consumers prioritize their health and the environment. As a result, industry stakeholders will need to adapt to these changing demands by diversifying their product offerings and investing in sustainable practices to remain competitive in the market.

Local special circumstances: In Nigeria, the Processed Meat Market is heavily influenced by cultural and religious factors. The country has a large Muslim population, which prohibits the consumption of pork, a common type of processed meat. This has led to a rise in demand for alternative options, such as beef and chicken products. Additionally, the geographical landscape of Nigeria, with its vast rural areas, has resulted in a significant market for canned and shelf-stable processed meats. The country's regulatory environment, with strict import regulations and a growing concern for food safety, has also influenced the market dynamics by promoting the production and consumption of locally sourced processed meats.

Underlying macroeconomic factors: The growth of the Processed Meat Market of the Meat Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending, government policies, and global trade agreements. Countries with stable economic growth and rising disposable incomes are experiencing higher demand for processed meat products. On the other hand, regions with economic instability and high inflation rates are witnessing a decline in market growth due to reduced consumer purchasing power. Additionally, changing dietary patterns and increasing awareness of the health risks associated with excessive consumption of processed meats are also impacting market performance.

Methodology

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.