PROSPECTS AND OPPORTUNITIES
Economic recovery and improved consumer spending power will boost demand
During the forecast period, the market for herbal/traditional products in Nigeria is expected to see steady growth in constant value (2024 prices) terms, supported by better economic conditions, which will boost consumer spending power. As affordability improves, demand for ‘natural’ products with fewer side effects is expected to rise.
Herbal/traditional cough cold and allergy remedies will lead growth
Herbal/traditional cough, cold and allergy (hay fever) remedies is expected to record the strongest growth over the forecast period. Sales have traditionally been driven by medicated confectionery, even though these products are not always viewed as strictly medicinal.
Direct sellers poised to rebound as economic conditions improve
Direct sellers lost share during the review period. This was mainly due to the depreciation of the local currency, which increased the price of the channel’s generally premium products, combined with disruptions caused by COVID-19 to direct distribution.
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Overview:
Understand the latest market trends and future growth opportunities for the Herbal/Traditional Products 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.
If you're in the Herbal/Traditional Products 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 Herbal/Traditional Products 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 Herbal/Traditional Products in Nigeria?
- Which are the leading brands in Herbal/Traditional Products in Nigeria?
- How are products distributed in Herbal/Traditional Products in Nigeria?
- How has the regulatory and operating environment for Herbal/Traditional Products changed in Nigeria?
- How are considerations such as stress, self-medication and shifting consumer lifestyles shaping demand for Herbal/Traditional Products
- How significant are wider health concerns and consumer awareness in determining sales?
- Where is future growth expected to be most dynamic?
Herbal/Traditional Products in Nigeria - Category analysis
KEY DATA FINDINGS
Inflationary conditions have negative impact on performance
Herbal/traditional topical analgesics benefit from being relatively affordable
Launch of innovative Salonpas Pain Relief Patch generate additional consumer interest
Economic recovery and improved consumer spending power will boost demand
Herbal/traditional cough cold and allergy remedies will lead growth
Direct sellers poised to rebound as economic conditions improve
Consumer Health in Nigeria - Industry Overview
Consumer health in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for consumer health?
OTC registration and classification
Vitamins and dietary supplements registration and classification
Self-medication/self-care and preventive medicine
Switches
DISCLAIMER
DEFINITIONS
The following categories and subcategories are included:
Herbal/Traditional Products
- Herbal/Traditional Topical Analgesics
- Herbal/Traditional Sleep Aids
- Herbal/Traditional Cough, Cold and Allergy (Hay Fever) Remedies
- Herbal/Traditional Digestive Remedies
- Herbal/Traditional Dermatologicals
- Herbal/Traditional Paediatric Dietary Supplements
- Herbal/Traditional Dietary Supplements
- Herbal/Traditional Tonics
Herbal/Traditional Products
Botanicals or traditional remedies are products that have a long tradition of use, decades of established reputation, and are considered alternative remedies to standard medicine. Traditional medicine remedies such as Ayurveda, Traditional Chinese Medicine (TCM), Unani, Kampo, etc. are included. Homeopathic remedies are excluded. Only packaged products are tracked.
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 Herbal/Traditional Products research and analysis database.
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