Market Insights Consumer DIY & Hardware Store

Lawn & Garden - Nigeria

Nigeria

In Nigeria, the revenue in the Lawn & Garden market is projected to reach €2.80bn in 2024.
This market segment is expected to experience an annual growth rate of 7.34% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this market, reaching €122bn in 2024.
In terms of per person revenues, in Nigeria generates €12.22 in 2024, taking into account the total population figures.
"Despite its challenging climate, Nigeria's growing middle class is driving demand for innovative lawn and garden solutions."

Key regions: Germany, Nigeria, Brazil, India, China

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Analyst Opinion

The Lawn & Garden market in the DIY & Hardware Store market in Nigeria is experiencing minimal growth, influenced by factors such as consumer adoption of digital technologies, increasing health awareness, and the convenience of online services.

Customer preferences: In recent years, there has been a growing preference among Nigerian consumers for eco-friendly and sustainable gardening practices. This is driven by a greater awareness and concern for the environment, as well as a desire for healthier and safer products. As a result, there has been an increase in demand for organic and natural gardening products, as well as a rise in interest for composting and water conservation techniques. With a younger and more environmentally conscious population, this trend is expected to continue and further shape the Lawn & Garden Market within the DIY & Hardware Store Market.

Trends in the market: In Nigeria, there is a growing demand for lawn and garden products, driven by an increasing urban population and rise in disposable income. This has led to the emergence of online DIY and hardware stores, providing convenience and a wider selection to customers. Additionally, there is a trend towards eco-friendly and sustainable gardening practices, with a focus on organic fertilizers and non-toxic pest control methods. These trends not only present opportunities for industry stakeholders, but also highlight the need for eco-conscious and innovative product offerings in the market.

Local special circumstances: In Nigeria, the Lawn & Garden Market within the DIY & Hardware Store Market is heavily influenced by the country's agricultural landscape and cultural traditions surrounding gardening. The warm climate and abundance of farmland contribute to a strong demand for gardening products, while cultural practices such as community gardening and urban farming also impact market dynamics. Additionally, regulations on imported products and environmental concerns regarding pesticides and fertilizers further shape the market in Nigeria.

Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in Nigeria is affected by various macroeconomic factors. Global economic trends, such as fluctuations in commodity prices and trade policies, can impact the cost of raw materials and finished products, thereby affecting market performance. Additionally, the national economic health and fiscal policies of the country can influence the purchasing power of consumers, ultimately impacting demand for lawn and garden products. Other relevant financial indicators, such as inflation rates and interest rates, also play a role in the market's growth. Furthermore, government efforts to support the development of the DIY & Hardware Store Market, by investing in infrastructure and promoting small businesses, can positively impact the lawn and garden market's growth in Nigeria.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to 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 particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.