Food - Nigeria

Nigeria

Revenue in the Food market amounts to US$206.60bn in 2024. The market is expected to grow annually by 11.40% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$40.74bn in 2024.
In global comparison, most revenue is generated in China (US$1,603bn in 2024).
In relation to total population figures, per person revenues of US$901.60 are generated in 2024.
In the Food market, 0.2% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 44.53bn kg by 2029. The Food market is expected to show a volume growth of 4.4% in 2025.
The average volume per person in the Food market is expected to amount to 166.00kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Food market in Nigeria has been experiencing steady growth, driven by factors such as increasing consumer awareness about healthy eating, convenience of online food services, and rising demand for locally sourced and organic products. However, the market's growth rate is currently subdued due to challenges such as inadequate infrastructure, high import costs, and limited access to financing for small and medium-sized food businesses. Despite these challenges, the market is expected to continue growing, especially in sub-markets such as convenience food and healthy snacks, as consumers seek more convenient and healthier food options.

Customer preferences: The growing health and wellness trend in Nigeria is influencing consumer preferences in The Food market. With a focus on natural and organic foods, consumers are seeking out healthier options to improve their overall well-being. This shift is also driven by the increasing awareness of the impact of diet on health and the prevalence of chronic conditions. As a result, there is a growing demand for locally sourced and sustainable food products, as well as a rise in plant-based and vegan options in the market. Additionally, consumers are gravitating towards convenient and time-saving meal solutions, such as meal delivery services and ready-to-eat meals, to fit their busy lifestyles.

Trends in the market: In Nigeria, The Food market industry is experiencing a surge in online food delivery services, with the rise of e-commerce platforms and mobile apps. This trend is driven by the increasing use of smartphones and the convenience of ordering food at the touch of a button. Additionally, there is a growing demand for healthier food options, leading to the emergence of health-conscious food delivery services. This trajectory towards digitalization and healthier food choices has significant implications for industry stakeholders, as it presents opportunities for growth and innovation, but also poses challenges in terms of competition and adapting to changing consumer preferences. As such, it is crucial for players in The Food market market to stay updated with these trends and continuously evolve their strategies to stay relevant in the industry.

Local special circumstances: In Nigeria, The Food market is heavily influenced by the country's diverse cultural and geographic landscape. With a vast array of local produce and traditional cuisine, the market is driven by the demand for locally-sourced and authentic food options. Furthermore, the government's regulations on food imports have led to a thriving local market, promoting the growth of small businesses and local farmers. Additionally, the country's growing middle class has increased the demand for convenience and healthy food options, leading to the rise of online food delivery services and health-conscious food products.

Underlying macroeconomic factors: The Food market in Nigeria is significantly impacted by macroeconomic factors such as economic growth, inflation rates, government policies, and global trends. The country's economy has experienced steady growth in recent years, driven by the agriculture sector, which is a major contributor to The Food market. However, inflation rates have also been on the rise, leading to higher production costs and potentially affecting consumer purchasing power. Government policies, such as trade restrictions and taxes, can also impact market performance. Moreover, global economic trends, such as changes in commodity prices and currency exchange rates, can have a significant impact on The Food market in Nigeria. Overall, a stable and growing economy, coupled with favorable government policies and global trends, can support the growth of The Food market in Nigeria.

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.