Looking for Business Ideas? Here are Top 7 Most Consumed Products in Nigeria
There is a massive number of consumed products available in Nigeria. However, some products are in high demand than others, and their market has experienced tremendous growth in the past years due to the size to demand.
The Nigerian market is continuously changing due to consumers’ adoption of electronic and social commerce. Moreso, the COVID-19 pandemic radically compelled more buyers and sellers to trade online, allowing more demand for certain products.
The fundamental characteristics that follow the most consumed products globally range from premium performances to improved value for the same price, great accessibility, and persuading customer support.
Here are the 7 most consumed products in Nigeria.
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1. Fashion Items
According to Statista, it is anticipated that the apparel segment’s revenue will amount to $988.60 million in 2022. And by 2025, there will be approximately 58.7 million users active in the apparel industry in Nigeria.
This forecast gives more opportunities for more shoes and clothing vendors – different types of apparel and footwear are accessible for men, women, and kids.
2. Hair Wigs and Extensions
Wearing wigs and hair extensions has become very popular among women. They reuse and recycle them frequently.
According to a survey by the News Agency of Nigeria (NAN), at least eight of 10 Nigerian women wear wigs as part of their daily wardrobe.
About 81.8 percent of respondents in a poll of 1,100 urban and suburban women from Abuja, Lagos, and Port Harcourt own wigs and prefer them to sew in weaves.
The survey also revealed that 45.5 percent had up to six or more wigs for rotational purposes, while 54.5 percent owned one to three wigs.
The women explained their choices to NAN, citing convenience, ease of use, and cost-effectiveness as the main factors in choosing wigs over sew-in weaves.
3. Health and Wellness Products
Health products have risen to the top of Nigeria’s most popular and sought-after commodities list since the advent of the internet, but the consciousness of healthy living became a must for many during and after the COVID-19 pandemic.
This industry has produced more millionaires and people who are financially independent than any other. Today, it is a thriving industry changing many people’s lives.
In 2022, the industry is expected to generate $6.64 million in total sales. By 2026, the total revenue is predicted to expand by 7.79 percent annually, with market size of $8.97 million.
4. Baby Accessories
The size of the world market for infant products was estimated at $214.13 billion in 2021, and it is anticipated to increase at a Compound Annual Growth Rate (CAGR) of 5.7 percent from 2022 to 2030.
Consumer preferences are changing in favour of high-end, premium baby products that are utility-focused and of superior quality, which is one of the main drivers promoting market expansion.
The Toys & Baby segment’s sales are anticipated to reach $324.30 million in 2022, according to Statista.
Market volume is predicted to reach $456.60 million by 2025, with revenue forecast to expand at a 12.08 percent annual rate.
5. Food and Groceries
In 2019, Nigerians spent N40.20 trillion on household spending. In 2022, the food market will generate $191.40 billion in revenue. The market is anticipated to expand by 8.68 percent yearly.
With a market volume of $45.08 billion in 2022, Confectionery and Snacks will be the market’s largest segment.
In 2022, it is anticipated that the average volume per person in the food market will be 171.74kg.
6. Cosmetic Products
According to Statista, In 2017, the market for hair care was estimated to be worth N116.4 billion in Nigeria. In that year, sales of skin care products in Nigeria totalled over 92 billion Naira.
Euromonitor International reports that the Nigerian beauty and cosmetics business is valued at more than $1.256 billion in retail sales.
There is no doubt that the Nigerian beauty and cosmetics sector prospers partly due to the country’s enormous female population, representing a sizable market for these goods.
7. Electronic Goods
People frequently embrace new ways of doing things because technology is constantly changing.
This explains why electronics are in such high demand in Nigeria. Nowadays, people from all social strata are particularly interested in the newest technological innovations.
The Nigerian consumer electronics market generated $4.9 billion in total revenues in 2020.
In 2022, it is expected that the Electronics segment will generate $3.26 billion in revenue.
Market volume is predicted to reach $5.54 billion by 2025, with revenue forecast to expand at a 19.33 percent annual rate. It is anticipated that the average revenue per user (ARPU) will be $67.95.
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