Market Insights Consumer Food Bread & Cereal Products

Rice - Nigeria

Nigeria

Revenue in the Rice market amounts to €4.34bn in 2024. The market is expected to grow annually by 13.01% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€139,000m in 2024).
In relation to total population figures, per person revenues of €18.94 are generated in 2024.
In the Rice market, volume is expected to amount to 2.56bn kg by 2029. The Rice market is expected to show a volume growth of 8.8% in 2025.
The average volume per person in the Rice market is expected to amount to 9.1kg in 2024.

Key regions: Spain, China, Canada, India, South Korea

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Analyst Opinion

The Rice Market in Nigeria is experiencing steady growth driven by factors such as increasing demand for convenience, rising health awareness, and adoption of digital technologies. The market's average growth rate is impacted by factors such as government policies, climate change, and consumer preferences.

Customer preferences: The rice market in Nigeria has seen a growing preference for healthier options, with consumers opting for brown rice over white rice due to its higher nutritional value. This shift is driven by an increasing awareness of the health benefits of whole grains and a desire for healthier lifestyles. Additionally, the rise of the middle class in Nigeria has led to a demand for more premium and imported rice varieties, reflecting a growing trend towards higher quality food products.

Trends in the market: In Nigeria, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for locally produced rice, as consumers become more health-conscious and prioritize supporting domestic agriculture. This trend is expected to continue, driven by government initiatives to boost local production and reduce dependence on imports. As a result, industry stakeholders are investing in modernizing production processes and expanding distribution networks to meet the growing demand. However, this trend also highlights potential challenges such as limited access to funding and infrastructure, which may hinder the industry's growth.

Local special circumstances: In Nigeria, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's geographical and cultural diversity. With over 250 ethnic groups, each with its own unique cuisine and food preferences, the demand for rice varies across regions. Additionally, government policies and import regulations have a significant impact on the availability and pricing of rice, further shaping the dynamics of the market.

Underlying macroeconomic factors: The Rice Market within the Bread & Cereal Products Market in Nigeria is significantly influenced by macroeconomic factors such as government policies, global economic trends, and national economic health. Economic policies that promote agricultural production and trade, as well as stable economic conditions, can positively impact the market. Furthermore, fluctuations in global rice prices and changes in consumer preferences for healthier and more diverse food options also play a role in shaping the market. Additionally, investments in agricultural infrastructure and technological advancements can increase efficiency and productivity, leading to further market growth.

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.