Sweeteners - Nigeria | Statista Market Forecast

The Spreads & Sweeteners Market in Nigeria has experienced modest growth, due to factors such as increasing health consciousness, convenience of online services, and adoption of digital technologies. The subdued growth rate may be influenced by competition within the sub-markets of Honey, Sugar, and Artificial Sweeteners.

Customer preferences: Consumers in Nigeria are increasingly becoming health-conscious, leading to a growing demand for natural and healthier sweetener options. This trend is driven by rising concerns over the negative effects of high sugar consumption on health. As a result, there is a shift towards alternative sweeteners such as stevia, honey, and agave, which are perceived as healthier and more natural options. Additionally, the growing popularity of plant-based diets and increased awareness of the benefits of reducing sugar intake are also driving the demand for alternative sweeteners in the Spreads & Sweeteners Market within The Food market.

Trends in the market: In Nigeria, the Sweeteners Market within the Spreads & Sweeteners Market of The Food market is experiencing a surge in demand for natural and healthier sweetener options. This trend is driven by increasing health consciousness among consumers and government initiatives promoting a healthy lifestyle. As a result, there is a growing presence of natural sweeteners such as stevia and monk fruit in the market. This trend is expected to continue as consumers prioritize healthier options and companies capitalize on the demand for natural sweeteners. Industry stakeholders should focus on developing innovative and sustainable sweetener solutions to stay competitive in this evolving market.

Local special circumstances: In Nigeria, the Spreads & Sweeteners Market within The Food market is influenced by the country's diverse landscape and cultural traditions. The prevalence of local ingredients such as palm oil and honey drive the demand for locally sourced spreads and sweeteners. Additionally, the government's efforts to promote the consumption of healthier alternatives, such as natural sweeteners, has led to an increase in the production and consumption of these products in the market. This unique mix of cultural and regulatory factors shapes the market dynamics in Nigeria, setting it apart from other markets in the region.

Underlying macroeconomic factors: The Sweeteners Market of the Spreads & Sweeteners Market within The Food market is greatly impacted by macroeconomic factors in Nigeria. The country's economy is heavily reliant on oil exports, making it susceptible to fluctuations in global oil prices. Additionally, high inflation rates, currency devaluation, and political instability have contributed to a challenging business environment. However, the increasing population, rising disposable incomes, and changing dietary preferences towards healthier options are driving the demand for sweeteners in the country. The Nigerian government's efforts to diversify the economy and improve infrastructure also provide growth opportunities for the Sweeteners Market in the long term.

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.