PROSPECTS AND OPPORTUNITIES
High prices continue to challenge sales growth
Plant-based dairy is expected to face ongoing challenges due to the continued weakness of the Nigerian currency against the US dollar, which will likely keep prices high and limit the consumer base. Despite these challenges, soy-based products offer an opportunity for more affordable alternatives compared to dairy drinks.
Economic recovery and growth potential
Despite the ongoing economic challenges, there is an expectation that Nigeria's economy will improve over the forecast period, creating opportunities for a recovery in the plant-based dairy category. As consumer affordability improves and employment rates increase, demand for plant-based dairy products could grow, particularly amongst consumers who seek lactose-free options or who follow vegan diets.
Almond milk to lead growth, soy drinks to drive overall growth
Over the forecast period, almond milk and other plant-based dairy products are expected to see the fastest growth within plant-based dairy. Although still niche, almond milk has strong growth potential due to its health benefits and novelty, which resonate with health-conscious consumers.
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Overview:
Understand the latest market trends and future growth opportunities for the Plant-based Dairy 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 Plant-based Dairy 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 Plant-based Dairy 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 Plant-based Dairy in Nigeria?
- Which are the leading brands in Plant-based Dairy in Nigeria?
- How are products distributed in Plant-based Dairy 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 Plant-based Dairy?
- 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?
Plant-Based Dairy in Nigeria - Category analysis
KEY DATA FINDINGS
Decline in volume sales due to economic challenges
Almond milk outperforms, soy drinks struggle
Limited new product development amidst economic pressures
High prices continue to challenge sales growth
Economic recovery and growth potential
Almond milk to lead growth, soy drinks to drive overall growth
Dairy Products and Alternatives in Nigeria - Industry Overview
Dairy products and alternatives in 2024: The big picture
Key trends in 2024
Competitive Landscape
Channel developments
What next for dairy products and alternatives?
DISCLAIMER
The following categories and subcategories are included:
Plant-based Dairy
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- Soy Drinks
- Other Plant-based Milk
- Plant-based Yoghurt
- Plant-based Cheese
Plant-based Dairy
This is the aggregation of plant-based milk, plant-based yoghurt and plant-based cheese. Please note that plant-based dairy products that are not milk, yoghurt or cheese are tracked under their core dairy categories (e.g. powder milk, margarine and spreads, coffee whiteners etc.)
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 Plant-based Dairy research and analysis database.
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