Nigeria

Rising inflation and high importing costs affected the growth of full-service restaurants in 2023, especially those offering international cuisines. Global inflation also reduced tourism in the country, which impacted full-service restaurants as…

Small local grocers in Nigeria experienced rapid growth in 2023 due to their strategic advantages over larger retailers. Their proximity to consumers allowed for convenient access to essential goods, particularly for those living in densely populated…

Overall, retail sales of apparel and footwear in Nigeria saw a strong decline in volume terms in 2023 while price inflation ensured sales continued to grow in current value terms. High inflationary conditions limited consumer spending power, forcing…

Sweet spreads recorded a strong volume decline in 2023, having already experienced decline in 2022. Inflationary conditions caused by depreciation of the local currency as well as sharp rises in fuel prices and a Federal Government demonetisation…

Wearables are expected to be the standout performer in 2023, registering double-digit volume growth and that is despite continuing high inflation and also significant currency devaluation, which is making imported products even more expensive.…

Appliances and electronics specialists in Nigeria experienced a downturn in 2023 as consumers grappled with economic challenges. Rising costs of appliances and electronics prompted consumers to reassess their purchasing priorities, leading to a…

In 2023, mass beauty and personal care in Nigeria derived some traction from consumer incomes being impacted strongly in a weak economy. In general, consumers sought cheaper brands, especially for perceived essential categories like skin care. Mass…

Amidst economic challenges and escalated retail prices, there is a rising trend among Nigerian consumers to frequent fast food outlets, increasingly serving as channels for on-trade consumption. This growing consumer behaviour significantly…

The year 2023 witnessed a wave of new launches in energy drinks. Cway Food & Beverages Co Nig introduced Boxi Energy Drink, positioned as a health-conscious energy beverage, devoid of caffeine and other potentially unhealthy stimulants. Available in…

Nestlé Nigeria Plc has emerged as a frontrunner in retail coffee sales for the year 2023. The company's exceptional dominance is attributed to its expansive and efficient distribution network, which has facilitated the widespread availability of its…

Baked goods recorded a decline in retail and foodservice volume sales in 2023 as a result of unfavourable economic conditions throughout the year. While the category has continued to struggle with the negative impact of the Ukraine conflict on wheat…

Most banks perceive credit cards as high risk due to experiencing frequent default rates in the past. As such, credit cards continue to be relatively scarce in Nigeria, with mainly high net-worth individuals owning credit cards. Also, due to the…

In 2023, health and beauty specialists in Nigeria experienced robust growth, buoyed by high inflation that supported sales of essential items. Consumers prioritising their well-being contributed to the positive growth of this channel. Pharmacies…

Concentrates has seen limited new product development recently, primarily due to stiff competition from affordable ready-to-drink juice and soft drink brands. Brands like Tang (Cadbury Nigeria Plc) and Kool2Go (Flour Mills of Nigeria Plc) faced…

Breakfast cereals recorded a substantial decline in retail and foodservice volume sales in 2023 due to adverse economic conditions and high inflation. Besides local currency depreciation, there was a cash shortage caused by a Federal Government…

Other dairy observes a marginal volume increase in 2023, rebounding from a notable decline experienced in 2022. Despite the persistently high inflationary conditions that contributed to the volume reduction in 2022, the growth rate in 2023 remains…

In 2023, baby food in Nigeria exhibits robust positive growth in terms of value, surpassing the figures recorded in 2022. However, the scenario is different in terms of volume sales, with all categories of baby food experiencing a decline. The…

Premium beauty and personal care in Nigeria saw strong retail current value growth in 2023. However, all categories struggled in retail volume terms due to poor economic conditions, particularly the effects of high inflation on prices and consumer…

The performance of baby and child-specific products in Nigeria in 2023 was strongly impacted by poor economic conditions. Thus, the modest overall decrease in retail volume sales in 2022 was followed by a double-digit decline in 2023. In particular,…

In 2023, coffee experienced the most significant surge in volume sales, largely attributed to urbanisation and the evolution of corporate working environments. As Nigerians adopt busier routines and structured work hours, coffee has emerged as a…