Dairy Products & Eggs - Nigeria

Nigeria

Revenue in the Dairy Products & Eggs market amounts to €23,900.00m in 2024. The market is expected to grow annually by 11.53% (CAGR 2024-2029).
In global comparison, most revenue is generated in India (€161bn in 2024).
In relation to total population figures, per person revenues of €104.30 are generated in 2024.
In the Dairy Products & Eggs market, volume is expected to amount to 6,553.00m kg by 2029. The Dairy Products & Eggs market is expected to show a volume growth of 4.2% in 2025.
The average volume per person in the Dairy Products & Eggs market is expected to amount to 24.1kg in 2024.

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

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Dairy Products & Eggs market in Nigeria has seen moderate growth due to factors such as increasing health consciousness, convenience of online services, and rising adoption of digital technologies. However, the market's growth rate remains subdued due to challenges such as high production costs and limited access to technology in rural areas.

Customer preferences: With the rise of health consciousness among consumers in Nigeria, there has been a notable increase in the demand for healthier dairy and egg options. This trend is influenced by cultural beliefs that prioritize natural and organic food choices. As a result, there has been a surge in the availability of organic and locally-sourced dairy and egg products in the market. This shift towards healthier options is also driven by the growing concern for sustainable and ethical food production and consumption.

Trends in the market: In Nigeria, the Dairy Products & Eggs Market within The Food market is seeing a rise in demand for organic and locally sourced products, driven by increasing health consciousness and concerns over food safety. This trend is expected to continue as consumers become more aware of the benefits of these products. Additionally, there is a growing trend of e-commerce platforms offering delivery of dairy and egg products, providing convenience for urban consumers. These trends have significant implications for industry stakeholders, as they must adapt to meet the changing demands of the market and invest in technology to improve supply chain efficiency.

Local special circumstances: In Nigeria, the Dairy Products & Eggs Market within The Food market is heavily influenced by the country's unique geographical and cultural factors. With a large population and a high demand for affordable dairy and egg products, local producers have been able to thrive. Additionally, the Nigerian government has implemented policies to support the growth of the agricultural sector, leading to an increase in production and availability of these products. Furthermore, the country's diverse cultural heritage has resulted in a wide variety of traditional dairy and egg dishes, creating a strong domestic market. These local factors have contributed to the overall success and growth of the Dairy Products & Eggs Market in Nigeria.

Underlying macroeconomic factors: The Dairy Products & Eggs Market in Nigeria is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's agricultural sector, which includes the production of dairy and egg products, is a major contributor to its economy. As such, any changes in global economic conditions or national economic policies can significantly impact the market. Additionally, factors such as population growth, income levels, and consumer preferences also play a key role in shaping the demand for dairy and egg products. Moreover, government initiatives to promote food security and support the agricultural sector can have a significant impact on 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.