Having declined modestly during 2020, retail volume sales of savoury snacks will rebound during 2021. However, they will remain below their pre-pandemic (2019) peak.
While the rate of growth in the unit price of savoury snacks will decelerate during 2021, it will remain in double digits, which will act as a drag on demand growth. Rising raw material costs will be the main driver of this, which could lead some manufacturers to reduce pack size while leaving pricing unchanged.
Local savoury biscuit manufacturer Beloxxi Industries Ltd will continue to dominate savoury snacks in terms of retail value share during 2021. Competitively priced and enjoying wides distribution, its Beloxxi Cream Crackers have long been a household name in Nigeria.
The rate of growth in retail volume sales of savoury snacks will continue to accelerate during 2022 and for most of the rest of the forecast period. Salty snacks will continue to outperform savoury biscuits, as demand for the latter if far more mature.
The unit price of savoury snacks will continue to grow at a double digit rate throughout the forecast period due to a combination of rising raw material costs and the instability of the naira. This could lead to ‘shrinkflation,’ as some manufacturers shrink pack sizes as an alternative to raising their prices.
Packaged versions of traditional local snacks, such as kuli kuli (peanut cake) and chin chin (fried pastry) – both of which are included in other savoury snacks – will proliferate during the forecast period. This will provide an additional boost to demand for savoury snacks.
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Understand the latest market trends and future growth opportunities for the Savoury Snacks industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Savoury Snacks research and analysis database.
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