Nigeria’s Halal Market is expected to grow from $107 billion in 2022 to $180 billion by 2027.
 
This was disclosed by the Emir of Kano, Alhaji Aminu Bayero, during the presentation, of the 2023 Halal Markets report, as the report revealed that the market is expected to grow at an annual growth rate of 10.7 per cent.
 
More details at:
https://nairametrics.com/2023/04/27/nigerias-halal-market-worth-107-billion-to-grow-10-annually-emir-of-kano/
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Nigeria must not be a dumping ground for air conditioners and refrigerators with energy efficiency ratios that are below internationally acceptable minimum energy performance standards, the Federal Government declared on Thursday.
 
This came as the United Nations says Nigerians purchase about one million air conditioners every year.
 
Meanwhile, the Federal Government told the Nigeria Customs Service, Standard Organisation of Nigeria, and other relevant agencies, to be alive to their responsibilities, stressing that the influx of substandard cooling appliances posed danger to the climatic conditions across the country.
 
More details at:
https://punchng.com/nigerians-buy-one-million-air-conditioners-annually-says-un
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There was a clear understanding from the report that the Northern consumer is unique in every way, characterised by a culture-influenced lifestyle, the importance of religion in daily choices and respect for social-cultural religious institutions and roles. “The Northern region accounts for 71 percent of the total land mass of Nigeria, 54 per cent of the total population and about 30 percent of the national GDP”, the report stated.
 
The report which examined the Northern market opportunities for marketers further gave an insight by providing the items the amount was spent on. It showed that $745 million amount was spent monthly on top seven personal care products such as toothpaste, beauty soap, perfume, body lotion, sanitary pads, deodorants and antibacterial soaps.
 
Providing a breakdown of the spending on drinks, the report said “53% of northern consumers consume some form of non-alcoholic drinks several times every single week, 66 per cent currently consume CSDs, 45 percent consume Malt drinks, 24 percent consume fruit-based drinks, 5 percent take wine products and 15% are consumers of Energy drink products. Over 60 percent have Zobo and unbranded milk products within their repertoire of drinks.”
 
More details at:
https://www.thisdaylive.com/index.php/2022/09/29/appraising-northern-market-and-its-spending-habits
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A market report by Pierrine Consulting in 2022 disclosed that the residents of Northern Nigeria spend $766 million monthly on personal care products. Additionally, the market value estimations speak to the entire 19 states under the northern market cluster, he said.
 
The report which examined the Northern market opportunities showed that the amount was spent monthly on the top seven personal care products such as toothpaste, beauty soap, perfume, body lotion, sanitary pads, deodorants, and antibacterial soaps.
 
More details at:
https://punchng.com/northern-customers-spend-n322bn-monthly-on-personal-care-report

Nigerians drink beer worth $1.4 billion in six months running from January to June 2022, according to the first quarter results of four major brewers in the country.
 
The turnover grossed by the four largest brewer in the country grew 31.2%, when compared to the $1.1 billion they generated during the corresponding period in 2021.
 
More details at:
https://www.vanguardngr.com/2022/08/nigerians-drink-beer-worth-n599-11-billion-in-6-months
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The Nigerian Bottling Company (NBC) has stated that its investment in Nigeria has reached over $1 billion over the past ten years, noting that the move demonstrates its confidence in the nation’s investment climate.
 
The Managing Director, NBC Limited, Matthieu Seguin, stated that the investment helped to boost its production capacity, build warehouses, invest in eco-friendly businesses that has provided job opportunities to thousands of Nigerians across the country.
 
More details at:
https://www.thisdaylive.com/index.php/2022/07/25/nbc-investment-in-nigeria-hits-e1bn-in-10-years 

The value of Nigeria’s cosmetic retail sales grew by an average of 14.5 per cent last year and added hundreds of billions of naira to the economy, a report by Euromonitor has stated.
 
The report was shared by the President of the Society of Cosmetic Scientists of Nigeria (NICOS), Grace Abamba at the organisation’s yearly conference in Lagos.
 
The sector recorded a turnover of N1.034 trillion in the year with mass beauty/personal care controlling 45.5 per cent or N470 billion in absolute figures. Skincare followed with N128 billion.
 
More details at:
https://guardian.ng/business-services/nigerias-cosmetic-market-hits-n1tr-turnover-records-14-5-growth
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The Worldwide Brewing Alliance’s new report on the global economic impact of the beer sector has shown that the sector contributed $2.2bn to the Nigerian economy in 2019.
 
During a webinar, the Worldwide Brewing Alliance said the report, which was produced by Oxford Economics, showed the impact of the sector on different economies.
 
According to the report, the global beer sector contributes to Nigeria’s economy through its domestic and international operations, as well as the worldwide supply chain…
 
More details through:
https://punchng.com/beer-sector-contributes-2-2bn-to-nigerian-economy-report/
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Nigeria is the second largest investor in food and packaging technology in Africa with 390 million Euro, according to the Germany Machinery Association.
 
Managing Director, Fairtrade Messe, Mr Paul Maerz who stated this at a virtual event, noted that   the country’s food production has also grown by 41 per cent from 26 billion euro in 2016 to 36 billion euro in 2020 and expected to rise by 48 per cent by 2024, quoting  Euro Monitor.
 
He said: “With 390 million euro in 2020, Nigeria is the second largest investor in food and packaging technology in Africa, just behind Egypt, but well ahead of South Africa, Algeria, Morocco and other African countries…
 
More details through:
https://thenationonlineng.net/nigerias-investments-in-food-packaging-tech-hits-euro-390m/
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The plant protein market in Nigeria is surging significantly and has recorded a strong growth with a compound annual growth rate CAGR of 32.0 per cent during 2018 to 2020. According to a Consumer- Intel360’s Q4’20 Global Plant Protein Survey, Nigeria is witnessing a growing demand for plant-based protein diets, driven by the flexitarian consumer and the growing vegetarian (vegan) community. Plant protein industry is expected to continue to grow in Nigeria over the forecast period. It is expected to record a CAGR of 23.7 per cent during 2021 to 2027. The plant protein consumption in the country will increase from $45.8 million in 2020 to reach $211.8 million by 2027.
 
This shift from animal-based protein to plant-based protein is driven by the adoption of healthier food choices, availability of alternatives to animal proteinbased diets, sustainability and environmental concerns. Moreover, COVID-19 has reinforced the demand for plantbased products, especially plantbased meats, thereby inducing competition in the market. This business intelligence report from ConsumerIntel360 aims to analyze market opportunities and risks in plant protein industry in Nigeria…
 
More details through:
https://www.newtelegraphng.com/nigerias-plant-protein-market-to-hit-211-8mn-by-2027-report/
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