PROSPECTS AND OPPORTUNITIES
The economic recovery will drive demand, while sales of shoe polish lead
Economic recovery is expected to boost demand for polishes over the forecast period, as consumer spending power improves. Consequently, retail sales are set to increase at a current value CAGR of 19% (2024 constant value CAGR of 3%) over the forecast period, while retail volume sales rise of at CAGR of 4%.
Furniture polish is expected to record the strongest grow, in line with real estate development
Furniture polish is expected to record the best performance within the polishes category over the forecast period, with retail sales set to increase at a current value CAGR of 20%. While the category remains niche, it has strong potential for growth, particularly with the development of high-end real estate and housing in major cities.
Floor polish has scope to see significant sales across the next five years
Although sales have been negligible up to 2024, floor polish has strong potential for significant growth in line with economic recovery. The rise of modern and high-end housing, particularly those using tiles, will drive demand for such products.
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Overview:
Understand the latest market trends and future growth opportunities for the Polishes 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 Polishes 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 Polishes 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 Polishes in Nigeria?
- Which are the leading brands in Polishes in Nigeria?
- How are products distributed in Polishes in Nigeria?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 impacted demand? Where have sales increased due to stockpiling amidst national lockdown?
- How have enforced home seclusion and social distancing measures following COVID-19 changed usage patterns for Polishes products?
- Where is future growth expected to be most dynamic?
- How important will sustainability and recycling be in generating future growth?
Polishes in Nigeria - Category analysis
KEY DATA FINDINGS
Polishes record a retail volume decline as consumers seek cheap substitutes
Furniture polish records a strong decline due to poor economic conditions
Low presence of local brand as consumers trust the quality of international players
The economic recovery will drive demand, while sales of shoe polish lead
Furniture polish is expected to record the strongest grow, in line with real estate development
Floor polish has scope to see significant sales across the next five years
Home Care in Nigeria - Industry Overview
Home care in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for home care?
DISCLAIMER
The following categories and subcategories are included:
Polishes
- Floor Polish
- Furniture Polish
- Metal Polish
- Shoe Polish
Polishes
This is the aggregation of shoe, floor, furniture and metal polish.
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 Polishes research and analysis database.
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