Butter and margarine is expected to perform well over the forecast period, following on from a poor performance in the review period due to economic recession and strong unit price increases caused by the depreciation of the local currency. With economic growth expected, attendant increase in disposable incomes and a stabilisation of the exchange rate should enable greater affordability of brands.
Margarine and spreads is also expected to lead performance in butter and spreads over the forecast period. Whereas butter remains a niche product largely consumed by expatriates and upper-income consumers, margarine and spreads has stronger potential for growth as it is more affordable as a complement for bread.
The fast growth of the modern retail channels of convenience stores, supermarkets and hypermarkets is also helping to propel growth of butter and margarine, butter in particular. With greater spread of such modern retail outlets, brands are seeing greater visibility on shelves.
Unilever Nigeria Plc led retail value sales in Nigeria in 2018 with a fairly dominant share. Its Blue Band brand has historically enjoyed a near-monopoly in Nigeria and so it has gained strong brand equity.
Rasco & Brothers Nigeria Ltd saw the strongest increase in share in 2017 and 2018, having launched only in 2015. A range of smaller pack sizes for its True Vine margarine brand have helped it appeal to lower-income consumers, due to greater affordability.
Key successful strategies in the category are affordable pricing and visibility through strong distribution. For the latter, having small pack sizes (including flexible sachet packs) helps since it widens the pool of affordability to lower-income consumers.
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