Cooking Ingredients and Meals in 2023: The big picture
High inflation in Nigeria, persisting from 2023 into 2024, has significantly impacted the performance of cooking ingredients and meals by severely weakening consumer spending power. While these products are largely essential, many consumers have been compelled to reduce consumption or switch to more affordable alternatives.
Key trends in 2023
Health and wellness considerations have limited influence on cooking ingredient purchases in Nigeria due to the prevailing focus on affordability. However, edible oils have benefited from targeted marketing campaigns highlighting their health benefits, such as being “cholesterol-free” or “heart-friendly.
Competitive Landscape
In cooking ingredients and meals, Chi Ltd has emerged as one of the fastest-growing companies in 2024, leveraging its innovative approach, affordability, and wide distribution network. This growth is particularly evident through the success of its flagship brands, Golden Terra Soya Oil and Terra Seasoning Cubes.
Channel developments
Small local grocers, which have traditionally dominated the distribution of cooking ingredients and meals in Nigeria, have continued to perform strongly in 2024 despite facing competition from modern grocery retail channels such as supermarkets and hypermarkets. The shift in consumer purchasing habits towards smaller pack sizes, driven by economic constraints, has significantly benefited small local grocers.
What next for Cooking Ingredients and Meals?
Population growth is expected to underpin rising demand for cooking ingredients and meals over the forecast period. As these categories are integral to daily consumption, a growing population will naturally translate into increased demand.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Nigeria report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Nigeria?
- Which are the leading brands in Cooking Ingredients and Meals in Nigeria?
- How are products distributed in Cooking Ingredients and Meals in Nigeria?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Nigeria?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Nigeria
Cooking Ingredients and Meals in 2023: The big picture
Key trends in 2023
Competitive Landscape
Channel developments
What next for Cooking Ingredients and Meals?
DISCLAIMER
Edible Oils in Nigeria
KEY DATA FINDINGS
Consumer price sensitivity and its effects on the category
Performance variations across subcategories
Shifting consumer preferences and brand responses
Challenges and strategic mitigation
Opportunities and consumer trends over the forecast period
Performance prospects across subcategories
Meals and Soups in Nigeria
KEY DATA FINDINGS
Economic strain and price sensitivity define category performance
Soup maintains marginally better performance over ready meals
Limited innovation and rising costs suppress product availability
Overcoming inflationary challenges through innovation and strategic positioning
Opportunities arising from economic recovery and shifting consumer preferences
Ready meals positioned for stronger growth, but challenges remain
Sauces, Dips and Condiments in Nigeria
KEY DATA FINDINGS
Price sensitivity and its influence on consumer behaviour
Performance: Leaders and laggards
Innovation and competitive strategies
Mitigating challenges through innovation and diversification
Opportunities in urbanisation and evolving consumer preferences
Subcategories poised for growth and stability
Sweet Spreads in Nigeria
KEY DATA FINDINGS
Price sensitivity and its impact on sweet spreads
Chocolate spreads lead the way
Emerging trends and product innovations
Challenges and mitigation strategies
Opportunities in economic recovery and consumer trends
Projected performance of subcategories
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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