Market Forecast By Product Types (Cakes and Pastries, Biscuits, Bread, Morning Goods & Others), By Distribution Channels (Hypermarkets/Supermarkets, Convenience Stores, Speciality Stores, Online Retailing & Others) and competitive landscape
|Product Code: ETC002488||Publication Date: Feb 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
Nigeria Bakery Product Market has been growing rapidly due to increasing urbanization and changing consumer preferences. The market has seen the introduction of new product offerings, such as healthy and organic baked goods. Some of the major developments include the expansion of commercial bakeries as many local and international bakeries have expanded their operations in Nigeria to meet the growing demand for baked goods. Moreover, many bakeries in Nigeria have begun to adopt automation and technology in their production processes. This has led to an increase in efficiency, a reduction in costs, and the ability to produce a vast range of products.
With the growth of e-commerce in Nigeria, many bakeries have started selling their products online. This has made it easier for consumers to purchase baked goods from the comfort of their homes. The introduction of Healthy and Nutritional Baked Goods by many bakeries in Nigeria which includes the use of whole grain flour, natural sweeteners, and other ingredients that are high in fibre and vitamins is another major development in the bakery product market in Nigeria. These are some of the recent developments in the Nigeria bakery product market, and it is projected that the market will continue to evolve in response to changing consumer preferences and technology trends.
Nigeria bakery product market is expected to grow due to the increasing consumption of ready-to-eat products owing to busy work schedules, increasing health concerns, and rising demand for gluten-free, high-fibre and trans-fat baked products along with health benefits associated with bakery products is expected to promote the demand for bakery products in the coming years.
According to 6Wresearch, Nigeria Bakery Product Market size is expected to register significant growth during the forecast period 2020-2026. The outburst of coronavirus is expected to hinder the bakery product market growth as the country is highly dependent on external sources for food supply but the lockdown measures imposed by the countries are reducing the exports due to which Nigeria fails to ensure the continuous imports of required food staples. Additionally, due to the absence of laborers on the farms, a major portion of crops remain unharvested which would obstruct the production of bakery products thereby, hampering the overall market growth.
Based on product types, the bread segment acquires a major market share as the low-income households in Nigeria would opt for cheaper food staples. On the basis of distribution channels, the hypermarket/supermarket segment is gaining dominance in Nigeria bakery product market as these stores allow easier access to a wide variety of bakery items to consumers, thereby attributing to the growth of the bakery product market.
Nigeria's bakery products market report thoroughly covers the market by product types and distribution channels. Nigeria Bakery Products' market outlook report provides an unbiased and detailed analysis of the ongoing Nigeria Bakery Products market trends, opportunities/high growth areas and drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.
The COVID-19 pandemic has had a significant impact on the Nigeria bakery product market. With people being advised to stay at home and avoid large gatherings, the demand for baked goods has decreased significantly. The pandemic has disrupted the supply chain of ingredients used in bakery products, leading to a shortage of some raw materials and an increase in the prices of others. With physical stores closed and people reluctant to venture out, many bakeries have shifted to online sales to keep their business going. This has allowed them to reach a wider audience and continue to generate revenue in the Nigeria Bakery Product Market. The pandemic has increased awareness of health and hygiene, leading to an increased demand for baked goods that are hygienically produced and packaged. Overall, the COVID-19 pandemic has had a negative impact on the Nigeria bakery product market. However, there are still abundant of opportunities for bakeries to innovate and reach new audiences through online sales.
The Nigeria Bakery Products Market report provides a detailed analysis of the following market segments:
1. What are the major growth drivers for the market during the forecast period?
With increased disposable income levels among consumers, growing health consciousness, and with the growth of urban populations in Nigeria, the demand for convenience-based food products such as baked goods is proliferating.
2. Which factors are hampering the growth of Nigeria Bakery Products Market?
Lack of quality control and the high cost of raw materials such as flour, sugar and other ingredients is making it difficult for many small-scale bakers to remain competitive in the market. Additionally, inadequate distribution channels are another major challenge for many small-scale bakers, as they find it difficult to reach customers.
3. How does political instability affect the overall business environment?
Political instability makes it difficult for companies to operate effectively and achieve long-term growth in the industry.
4. Which sort of modern retail outlets making it easier for consumers to buy a wide range of products?
Hypermarkets and supermarket retail outlets are making it easier for consumers to buy a wide range of baked goods.
|1. Executive Summary|
|2.1. Report Description|
|2.2. Key Highlights of The Report|
|2.3. Market Scope & Segmentation|
|2.4. Research Methodology|
|3. Nigeria Bakery Products Market Overview|
|3.1. Nigeria Country Indicators|
|3.2. Nigeria Bakery Products Market Revenues, 2016-2026F|
|3.3. Nigeria Bakery Products Market Revenue Share, By Product Types, 2019 & 2026F|
|3.4. Nigeria Bakery Products Market Revenue Share, By Distribution Channels, 2019 & 2026F|
|3.5. Nigeria Bakery Products Market - Industry Life Cycle|
|3.6. Nigeria Bakery Products Market - Porter’s Five Forces|
|4. Nigeria Bakery Products Market Dynamics|
|4.1. Impact Analysis|
|4.2. Market Drivers|
|4.3. Market Restraints|
|5. Nigeria Bakery Products Market Trends|
|6. Nigeria Bakery Products Market Overview, By Product Types|
|6.1. Nigeria Cakes and Pastries Market Revenues, 2016-2026F|
|6.2. Nigeria Biscuits Market Revenues, 2016-2026F|
|6.3. Nigeria Bread Market Revenues, 2016-2026F|
|6.4. Nigeria Morning Goods Market Revenues, 2016-2026F|
|6.5. Nigeria Others Market Revenues, 2016-2026F|
|7. Nigeria Bakery Products Market Overview, By Distribution Channels|
|7.1. Nigeria Bakery Products Market Revenues, By Hypermarkets/Supermarkets Distribution Channel, 2016-2026F|
|7.2. Nigeria Bakery Products Market Revenues, By Convenience Stores Distribution Channel, 2016-2026F|
|7.3. Nigeria Bakery Products Market Revenues, By Speciality Stores Distribution Channel, 2016-2026F|
|7.4. Nigeria Bakery Products Market Revenues, By Online Retailing Distribution Channel, 2016-2026F|
|7.5. Nigeria Bakery Products Market Revenues, By Other Distribution Channels, 2016-2026F|
|8. Nigeria Bakery Products Market - Key Performance Indicators|
|9. Nigeria Bakery Products Market - Opportunity Assessment|
|9.1. Nigeria Bakery Products Market Opportunity Assessment, By Product Types, 2026F|
|9.2. Nigeria Bakery Products Market Opportunity Assessment, By Distribution Channels, 2026F|
|10. Nigeria Bakery Products Market Competitive Landscape|
|10.1. Nigeria Bakery Products Market Revenue Share, By Companies, 2019|
|10.2. Nigeria Bakery Products Market Competitive Benchmarking, By Operating & Technical Parameters|
|11. Company Profiles|
|12. Key Recommendations|