Baby Milk & Infant Formula - Nigeria

Nigeria

Revenue in the Baby Milk & Infant Formula market amounts to €310.20m in 2024. The market is expected to grow annually by 5.73% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€15,630m in 2024).
In relation to total population figures, per person revenues of €1.35 are generated in 2024.
In the Baby Milk & Infant Formula market, volume is expected to amount to 24.32m kg by 2029. The Baby Milk & Infant Formula market is expected to show a volume growth of 5.3% in 2025.
The average volume per person in the Baby Milk & Infant Formula market is expected to amount to 0.1kg in 2024.

Key regions: South Korea, India, United Kingdom, United States, Japan

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Baby Milk & Infant Formula Market in Nigeria is experiencing minimal growth, influenced by factors such as low consumer awareness and limited availability of affordable options. Despite being a significant segment of the overall Food Market, the lack of innovation and competition is impacting its growth rate.

Customer preferences: The demand for organic and natural baby milk and infant formula products is on the rise in Nigeria, as more parents are opting for healthier and safer food options for their babies. This trend is driven by the growing awareness about the benefits of organic and natural products, as well as concerns over the quality and safety of conventional baby food products. Additionally, with the increasing number of working mothers and busy lifestyles, there is a growing demand for convenient and easy-to-prepare baby food options, leading to a surge in the sales of ready-to-feed and powdered baby milk and infant formula products.

Trends in the market: In Nigeria, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is experiencing a growth in demand for organic and natural products. This trend is driven by increasing awareness of the health benefits of these products, as well as concerns over the safety and quality of traditional formula. As a result, major players in the industry are expanding their organic and natural product lines. This trend is likely to continue, as consumers become more health conscious and demand for clean label products grows. Additionally, there is a rise in online sales of baby formula, as more consumers turn to e-commerce for convenience and competitive pricing. This trend is expected to have a significant impact on the industry, as companies invest in digital platforms and logistics to capture the growing online market. Overall, these trends demonstrate the importance of adapting to changing consumer preferences and leveraging technology in order to stay competitive in the Nigerian baby food market.

Local special circumstances: In Nigeria, the Baby Milk & Infant Formula Market of the Baby Food Market within The Food market is heavily influenced by cultural preferences for formula feeding and the lack of breastfeeding support. The country's hot and humid climate also poses challenges for formula storage and distribution. Additionally, strict regulations on the import and sale of baby food products have led to a limited variety of options for consumers. These factors have contributed to a highly competitive market, with companies focusing on localized marketing and distribution strategies to meet the unique needs of Nigerian parents.

Underlying macroeconomic factors: The Baby Milk & Infant Formula Market of the Baby Food Market within The Food market in Nigeria is greatly affected by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The country's continued economic growth and rising disposable income have led to increased consumer spending on premium baby food products, including infant formula. Additionally, government initiatives to improve the overall health of the population, particularly for infants, have resulted in favorable regulatory support for the baby food industry. However, high import tariffs on baby food products and fluctuating exchange rates can pose challenges for market growth. Moreover, the rising population and increasing urbanization in Nigeria are driving the demand for convenient and nutritious baby food products, further fueling the growth of the market.

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.