Market Insights Consumer Food Convenience Food

Soups - Nigeria

Nigeria

Revenue in the Soups market amounts to €0.57bn in 2024. The market is expected to grow annually by 13.00% (CAGR 2024-2029).
In global comparison, most revenue is generated in Indonesia (€9,379m in 2024).
In relation to total population figures, per person revenues of €2.50 are generated in 2024.
In the Soups market, volume is expected to amount to 103.70m kg by 2029. The Soups market is expected to show a volume growth of 4.9% in 2025.
The average volume per person in the Soups market is expected to amount to 0.4kg in 2024.

Key regions: United Kingdom, Russia, Philippines, United States, Spain

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Soups Market in the Convenience Food Market of Nigeria is experiencing mild growth, influenced by factors like the increasing demand for convenient food options and the growing awareness of healthy eating. Online services are also contributing to the market's growth.

Customer preferences: As convenience becomes a top priority for consumers, the Soups Market of the Convenience Food Market in Nigeria and other African countries has seen a rise in demand for ready-to-eat soup options. With busy lifestyles and a growing urban population, there is a growing preference for convenient and time-saving meal options. This has led to an increase in innovation and variety in the soups market, with a focus on traditional flavors and ingredients that cater to local tastes and preferences. Additionally, health-conscious consumers are also seeking out soups made with natural and organic ingredients, reflecting a shift towards more mindful and sustainable food choices.

Trends in the market: In Nigeria, the Soups Market of the Convenience Food Market within The Food market is experiencing a rise in demand for healthier options. This trend is driven by increasing health consciousness among consumers and the availability of more nutritious soup options. In addition, there is a growing preference for convenience, leading to the introduction of ready-to-eat soup products. This trend is expected to continue, with industry players investing in product innovation and marketing efforts to cater to the changing consumer preferences. For stakeholders, this trend presents opportunities for growth and expansion, as well as the need to adapt to changing consumer demands and preferences.

Local special circumstances: In Nigeria, the Soups Market of the Convenience Food Market within The Food market is heavily influenced by the country's rich culinary heritage and diverse cultural traditions. Local ingredients and cooking methods play a significant role in the types of soups available, with regional variations adding to the market's dynamism. Additionally, government regulations on food safety and quality standards impact the production and distribution of soups in the country. In South Africa, the market is shaped by the growing demand for convenience and on-the-go options, with a focus on healthy and natural ingredients. This trend is driven by the increasingly health-conscious urban population and the rising popularity of soups as a quick and nutritious meal option.

Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market in Nigeria is heavily influenced by macroeconomic factors such as economic growth, government policies, and consumer spending habits. The country's recent economic growth and rising disposable income levels have led to an increase in spending on convenience foods, including soups. Additionally, government initiatives such as the National Food Security Program and the National Agricultural Transformation Plan have provided support for the growth of the food industry, leading to an increase in demand for soups. Furthermore, the growing urbanization and changing lifestyle patterns in Nigeria have also contributed to the rising demand for convenient and ready-to-eat soup products.

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.