Restrictions on imports due to the COVID-19 crisis has led to a strongly diminished demand for processed meat and seafood as all product categories are dominated by imported brands. Thus, the category will see strong volume decline in 2020.
Frozen processed poultry had seen a decline at the latter the of the review period due to the Federal Government closing the country’s land borders, thus restricting imports that frequently come through these neighbouring countries. The further restrictions on imports in 2020 led to a stronger decline for the category, making frozen processed poultry the worst performing category within processed meat and seafood in 2020.
Sardines manufacturer Unimer Groupe will continue to lead processed meat and seafood in current value terms in 2020. The company benefits from the popularity of its Titus canned sardines brand, which has been available in Nigeria for many years, with a near monopoly status.
With the recovery of the Nigerian economy following COVID-19, it is expected that processed meat and seafood will continue to see strong growth in retail volume and value sales over the forecast period. This will be driven by growing urbanisation, an increase of work in formal environments, an associated need for convenient food and relatively affordability.
The forecast growth of processed meat and seafood is expected to be stronger than the growth seen over the review period, with shelf stable seafood, the largest category within processed meat and seafood, set to drive category growth without seeing the fastest growth itself. The category is far from mature and will benefit from growing urbanisation and professional employment, leading to demand for convenient foods from consumers with little time to cook.
Over the forecast period, it is expected that companies will step up marketing activities such as advertising and promotional sales, as the competition amongst them becomes stronger due to growing consumer awareness of the benefits of processed meat and seafood. Building good relationships with distributors is expected to remain key, especially as distributors tend to promote products that provide them with the strongest margins.
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Understand the latest market trends and future growth opportunities for the Processed Meat and Seafood 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 report originates from Passport, our Processed Meat and Seafood research and analysis database.
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