This Megatrends report highlights long-term trends resulting from shifts in consumer values and behaviour. It provides a summary of each of Euromonitor International's 10 focus megatrends and insights as to how each trend has manifested in Nigeria. Euromonitor's Megatrends in Nigeria re...
Nigeria's population is projected to nearly double by 2040, as it reaches 313 million citizens. Rapid urbanisation will continue, while the median age will be 21.1 as Gen Alpha is expected to dominate the consumer landscape. Soaring inflation and high unemployment continue to deepen social inequalit...
Sauces, dips, and condiments has faced notable challenges in 2024 due to Nigeria's prevailing economic difficulties, including high inflation. Despite these obstacles, the category has managed to achieve marginal positive volume growth, as many of its products are essential cooking ingredients. Howe...
High inflation in Nigeria, persisting from 2023 into 2024, has significantly impacted the performance of cooking ingredients and meals by severely weakening consumer spending power. While these products are largely essential, many consumers have been compelled to reduce consumption or switch to more...
Inflationary pressures in 2024 have significantly hampered the performance of meals and soups in Nigeria, with volume sales experiencing notable declines. Products in this category are widely regarded as non-essential by the majority of Nigerian consumers, and the weakened disposable income of middl...
Staple foods have experienced a challenging year in 2024, marked by weak volume performance despite their essential nature within the Nigerian diet. Inflationary pressures and rising production costs have significantly impacted the industry, driving unit prices upwards and weakening consumer purchas...
Processed meat, seafood, and alternatives to meat have experienced a notable decline in volume sales in 2024, primarily due to the inflationary pressures that have significantly eroded consumer purchasing power. These products are often perceived as luxury items in Nigeria, meaning consumers have ad...
Overall, the outlook is expected to be negative for dairy products and alternatives in 2022. While there is expected to be double-digit current value growth, there is also expected to be significant volume decline, as continuing soaring inflation hits consumer purchasing power. Also, the Nigerian oi...
The weak Nigerian economy heavily impacted sales performance in apparel and footwear over 2024. High inflation constrained consumer purchasing power, whilst the strong depreciation of the local currency led to high price increases for all apparel and footwear products. Consumers curtailed their spen...
Womenswear in Nigeria declined in volume terms over 2024 due to high inflation, which negatively impacted consumers' spending power. However, high unit price increases underpinned value growth. Rising costs of living led consumers to focus on essentials or find affordable options for apparel. With s...