Fresh Meat - Nigeria

Nigeria

Revenue in the Fresh Meat market amounts to €26.19bn in 2024. The market is expected to grow annually by 12.33% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€240bn in 2024).
In relation to total population figures, per person revenues of €112.60 are generated in 2024.
In the Fresh Meat market, volume is expected to amount to 3.66bn kg by 2029. The Fresh Meat market is expected to show a volume growth of 7.1% in 2025.
The average volume per person in the Fresh Meat market is expected to amount to 13.0kg in 2024.

Key regions: South Korea, Russia, Canada, Philippines, China

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Fresh Meat Market in Nigeria has seen a steady growth due to factors like increasing demand for high-quality meat, rising health consciousness among consumers, and the convenience of online meat shopping. The market's growth rate is subdued due to challenges such as high competition and supply chain disruptions caused by the pandemic.

Customer preferences: Consumers in Nigeria are increasingly embracing a more health-conscious lifestyle, leading to a rise in demand for fresh, lean meat products. This trend is driven by a growing awareness of the benefits of a high-protein diet and a shift towards clean eating. Additionally, the younger generation is showing a preference for locally-sourced and organic meats, reflecting a desire for sustainable and ethically-produced food options. This has also led to an increase in demand for online meat delivery services, catering to the convenience and safety needs of busy urban consumers.

Trends in the market: In Nigeria, the Fresh Meat Market of the Meat Market within The Food market is experiencing a shift towards more sustainable and organic options. This trend is driven by consumer demand for healthier and ethically sourced products. As a result, there is an increase in small-scale local meat producers and a decrease in imports. This trajectory has significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in sustainable practices to remain competitive in the market. Additionally, this trend has the potential to positively impact the economy and promote a more sustainable food system in Nigeria.

Local special circumstances: In Nigeria, the Fresh Meat market is heavily influenced by the country's diverse cultural and religious beliefs. With a large Muslim population, the demand for halal meat is high, leading to the growth of halal meat suppliers. Additionally, the country's geographical location, with access to both land and sea, allows for a variety of meats to be offered in the market. The regulatory environment also plays a role, with strict guidelines on meat processing and packaging, ensuring quality and safety for consumers. These factors contribute to the unique dynamics of the Fresh Meat market in Nigeria.

Underlying macroeconomic factors: The Fresh Meat Market within the Meat Market of The Food market in Nigeria is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The market is highly reliant on the overall economic stability of the country, which can impact consumer spending and demand for fresh meat products. Additionally, government policies and regulations, such as import and export restrictions, can also affect the availability and pricing of fresh meat in the market. Furthermore, the growing population and increasing urbanization in Nigeria are expected to drive the demand for fresh meat products, as more people are likely to opt for convenient and protein-rich food options.

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.