Meat - Nigeria

Nigeria

Revenue in the Meat market amounts to €37.78bn in 2024. The market is expected to grow annually by 12.25% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€253bn in 2024).
In relation to total population figures, per person revenues of €164.90 are generated in 2024.
In the Meat market, volume is expected to amount to 4,858.00m kg by 2029. The Meat market is expected to show a volume growth of 6.0% in 2025.
The average volume per person in the Meat market is expected to amount to 17.9kg in 2024.

Key regions: Russia, China, Spain, Canada, United Kingdom

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Analyst Opinion

The Meat Market in Nigeria has seen moderate growth, influenced by factors like consumer preference for fresh and locally sourced meat, increasing health consciousness, and the convenience of online meat delivery services. However, the market's growth rate is subdued due to challenges such as high production costs, limited infrastructure, and competition from meat substitutes.

Customer preferences: Consumers in Nigeria are becoming more health-conscious and are increasingly seeking healthier and more sustainable options in the Meat Market within The Food market. This trend is driven by the growing awareness of the negative impact of processed and red meat on health, as well as the environmental concerns surrounding factory farming. As a result, there is a growing demand for organic and grass-fed meat, as well as plant-based alternatives. This shift towards healthier and more sustainable options is also influenced by cultural values and traditions that prioritize natural and locally sourced food.

Trends in the market: In Nigeria, the Meat Market within The Food market industry is currently experiencing a shift towards more sustainable and ethical practices. This includes a growing demand for locally sourced and organic meat products, as well as a focus on animal welfare and environmental impact. This trend is significant as it reflects a growing consciousness among consumers towards ethical consumption and sustainability. It also presents opportunities for industry stakeholders to differentiate themselves in the market and cater to this emerging demand. However, it may also pose challenges for smaller players who may struggle to meet the higher standards and regulations that come with these trends.

Local special circumstances: In Nigeria, the Meat Market within The Food market is heavily influenced by cultural and religious factors. The country has a large Muslim population, which prohibits the consumption of pork. This has led to a higher demand for halal meat and a thriving market for products like beef and goat meat. Additionally, Nigeria's diverse climate and terrain make it suitable for cattle ranching, resulting in a significant contribution to the country's economy. However, the industry is facing challenges due to inadequate infrastructure and government policies, hindering its growth potential.

Underlying macroeconomic factors: The Meat Market within The Food market in Nigeria is greatly impacted by macroeconomic factors such as the country's economic health, government policies, and global economic trends. The performance of the market is highly influenced by the overall economic stability of the country, as well as the fiscal policies implemented by the government. Additionally, global economic trends, such as changes in demand and supply, can greatly affect the market. For example, fluctuations in the prices of raw materials and imports can impact the cost of production and ultimately, the prices of meat products in the market. Furthermore, consumer purchasing power and disposable income are also key factors that influence the demand for meat products, making it important for the market to closely monitor and adapt to any changes in these macroeconomic indicators.

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.