With more stability in the global supply chain for wheat and other ingredients such as sugar, plus an improved economy, baked goods is expected to grow well over the forecast period. Key to the improved performance will be exchange rate stability, following the harsh price increases in 2021 and 2022 due to the depreciation of the local currency.
Bread has become a key staple on which many consumers in the country rely as it is convenient and quick to consume. Over the forecast period, population growth will also drive good demand for bread, as will rising consumer spending power.
Sales of packaged products are expected to see a faster performance than unpackaged/artisanal products in major baked goods categories over the forecast period. Whilst unpackaged products performed relatively better than packaged products in 2022 due to the poor economic conditions, an improvement in the economy is expected to see a return to a faster performance for packaged products, which generally offer good quality standardised products (in bread) or more conveniently available products (in pastries).
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Understand the latest market trends and future growth opportunities for the Baked Goods industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of bread, pastries, dessert mixes, frozen baked goods and cakes. Note: Baked goods from in-store bakeries are classified under unpackaged/artisanal, not packaged/industrial. While they may be finished on-site, they are often prepared, then frozen or par-baked, at other locations. Such production models are very important for supermarket in-store bakeries, which have in the past been used to drive traffic and fill stores with appetising aromas, but for which the labour resources required to run a full-service scratch bakery are not always available.See All of Our Definitions
This report originates from Passport, our Baked Goods research and analysis database.
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