PROSPECTS AND OPPORTUNITIES
Challenges and strategic mitigation
The edible oils category is expected to continue facing significant challenges over the forecast period, particularly in the early years, as high unit prices persist due to ongoing currency depreciation. This economic reality will likely compel manufacturers to maintain their focus on affordability strategies.
Opportunities and consumer trends over the forecast period
The anticipated economic recovery during the forecast period is likely to create robust growth opportunities for edible oils, which remain a staple for Nigeria's expanding population. As consumer affordability improves, there is expected to be a gradual shift away from the frugality that has characterised recent years.
Performance prospects across subcategories
Among the various subcategories, olive oil is expected to exhibit the fastest growth over the forecast period, albeit from a low base. Previously hindered by steep unit price increases and limited accessibility, olive oil is predicted to gain traction as economic conditions improve and consumers develop a stronger preference for oils associated with Westernisation and health benefits.
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Overview:
Understand the latest market trends and future growth opportunities for the Edible Oils 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 Edible Oils 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 Edible Oils 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 Edible Oils in Nigeria?
- Which are the leading brands in Edible Oils in Nigeria?
- How are products distributed in Edible Oils 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 Edible Oils?
- 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?
Edible Oils in Nigeria - Category analysis
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
Cooking Ingredients and Meals in Nigeria - Industry Overview
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
The following categories and subcategories are included:
Edible Oils
- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
Edible Oils
This is the aggregation of olive oil and vegetable and seed oil (which comprises of corn oil, palm oil, rapeseed oil, soy oil, sunflower oil, and other edible oil). Please note blended oil that contain over 50% of one type of oil are categorised in that category, e.g. blended oil with 60% soy oil is categorised in soy oil; whereas blended oils with less than 50% of a specific type of oil are categorised in other edible oil. Includes: Pre-packaged edible oils products purchased by consumers through legally established retail channels. Excludes: Unpackaged/bulk oils, i.e. instances where consumers bring an empty container or plastic bag to be (re)filled with cooking oil. Example: Minyak curah in Indonesia.
See all of our definitionsWhy 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 Edible Oils research and analysis database.
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