DUBLIN, Feb. 12, 2024 /PRNewswire/ — The “Wholesale and Retail of Food in Nigeria 2023” report has been added to ResearchAndMarkets.com’s offering.
The food wholesale and retail sectors in Nigeria are highly fragmented and dominated by the informal sector and small enterprises, which account for 95% of transactions. Formal retailing includes international brands and accounts for a small portion of revenue. The number of locally-owned retailers has increased, and investors have shown an appetite to invest in them. Nigeria’s large population, rising middle class and tech-savvy youth offer opportunities for investment and expansion in the sector.
Operators face a myriad of challenges including poor infrastructure, a shortage of serviced land for retail development, unreliable electricity supply, high inflation, a shortage of foreign currency, a volatile local currency and complex import processes.
Key Opportunities
Convenience shopping services attracting consumers to formal shops
Data aggregation
Ecommerce and fintech, with fast-growing young population and increased internet penetration rate
Economic recovery, high disposable incomes of middle class driving sales
Economic reforms being implemented by government
High population and rising middle-class
Untapped markets in rural areas
Challenges
Complex import procedures.
High inflation.
High levels of corruption at ports and state institutions.
High levels of informality complicate supply chains.
Lack of a formal credit system particularly for small and medium retailers.
Many stores are situated in congested areas with poor accessibility.
Multiple tax regime.
Poor road and rail infrastructure.
Security concerns.
Shortages of foreign currency.
Threats of cyber-security.
Unavailability of serviced land for retail development.
Unstable power supply and poor water resources.
Key Market Trends
Consumer buying patterns have shifting slightly towards more food items as a percentage of household expenditure. Formal retailers are positioning themselves as preferred destinations. Growing ecommerce sector. Local retailers are focusing on city outskirts and suburbs. Mall development is likely to be focused on small suburban malls.
Market Outlook
Nigeria faces high inflation, unemployment, and unequitable distribution of income.
Locally-owned medium and small retailers continue to expand in small towns and semi-rural areas. Retailers, food manufacturers, and real estate investors remain committed to the Nigerian market, highlighting the long-term opportunity of a huge consumer base. Despite high profile exists of formal retail operators from Nigeria, there are opportunities including relatively small, localised retail developments geared towards essentials, and ecommerce platforms.
Report Coverage
This report on the wholesale and retail of food in Nigeria includes information on the state of the industry, both formal and informal, mall development, ecommerce, key trends and issues, influencing factors and notable players.
There are profiles of 21 companies including multinationals operating in Nigeria such as Nestle, Unilever and Cadbury, local supermarket chains such as Addide and FoodCo, and major distributors such as Wigmore Trading.
COMPANY PROFILES
Ace Supermarket Nigeria Ltd
Addide Ltd
Artee Industries Ltd
BN Foods Ltd
BUA Foods PLC
Cadbury Nigeria PLC
EDLP Nigeria Ltd
Ekulo International Ltd
Everyday Group of Company Ltd
FoodCo Nigeria Ltd
Multipro Consumer Products Ltd
NASCON Allied Industries PLC
Nestle Nigeria PLC
PayMente Ltd
Prince Ebeano Ltd
Promasidor Nigeria Ltd
PZ Cussons Nigeria PLC
Sundry Markets Ltd
UAC Foods Ltd
Unilever Nigeria PLC
Wigmore Trading Ltd
Key Topics Covered:
1. INTRODUCTION
2. COUNTRY INFORMATION
3. DESCRIPTION OF THE INDUSTRY
3.1. Industry Value Chain
3.2. Geographic Position
3.3. Size of the Industry
4. LOCAL
4.1. State of the Industry
4.2. Key Trends
4.3. Key Issues
4.4. Notable Players
4.5. Trade
4.6. Corporate Actions
4.7. Regulations
4.8. Enterprise Development and Social Development
5. AFRICA
6. INTERNATIONAL
7. INFLUENCING FACTORS
7.1. Unforeseen Events
7.2. Economic Environment
7.3. Labour
7.4. Poor Infrastructure
7.5. Shopping Malls
7.6. Environmental Issues
7.7. Security
7.8. Technology, R&D, Innovation
7.9. Government Support
7.10. Input Costs
8. COMPETITIVE ENVIRONMENT
8.1. Competition
8.2. Ownership Structure of the Industry
8.3. Barriers to Entry
9. INDUSTRY SUMMARY
10. OUTLOOK
11. INDUSTRY ASSOCIATIONS
For more information about this report visit https://www.researchandmarkets.com/r/1fjupj
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