New Food research report from Euromonitor International is now available from Fast Market Research

Boston, MA -- (SBWire) -- 02/03/2015 --Population growth spurs rapid growth in baked goods in Nigeria since bread is a major staple and pastries have become the on-the-go snack of choice for urban commuters. And as consumers (whose incomes are generally growing) seek better quality products than the artisanal products that they are typically used to, value growth is driven by increase in demand for higher-quality products (such as Shoprite?s bread, which many people queue up for due to its perceived high quality). Therefore, packaged/industrial products continue to show faster growth in retail volume sales than unpackaged/artisanal alternatives thanks to rising disposable incomes, the growing desire for convenience among consumers leading increasingly busy lifestyles and improvements in distribution via chained supermarkets and hypermarkets outlets. There is also intense competition in the baked goods industry, which helps to drive growth; as more quality products are desired by consumers, there is an increasing variety of products being made available.

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Competitive Landscape

Artisanal producers continued to lead baked goods in 2013 and 2014, accounting for 36% of total current value sales in 2014. Aside from tradition, the main factor behind the enduring popularity of unpackaged/artisanal baked goods is that they are cheaper than packaged/industrial products. Additionally, unpackaged products tend to be more widely distributed in rural areas, where a large number of Nigerians live. UAC Foods is the top branded manufacturer in baked goods, with a value share of 13% in 2014. Thanks to its early-mover advantage, extensive distribution network and the high quality reputation of brands such as Nourish Loaf, Funtime and Gala, the company is the clear leader in packaged/industrial cakes and pastries, and ranks second in packaged/industrial bread.

Industry Prospects

Growth in retail value sales of baked goods over the forecast period is expected to be strong, with a constant value CAGR of 3%. This is due to expected strong population growth and further economic development in Nigeria. New launches, improvements in distribution, price promotions and other marketing activities will also help to sustain robust demand for baked goods. Sales of packaged/industrial products are expected to grow faster than those of unpackaged/artisanal products in all major baked goods categories over the forecast period. The general migration to packaged/industrial baked goods will be sustained by rising disposable incomes and the growing desire for convenience and variety among Nigerian consumers. New launches, particularly of healthier products, will also bolster demand for packaged/industrial baked goods, as will increasing price competition, marketing campaigns and the expansion of distribution networks by leading producers.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Baked goods industry in Nigeria with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Baked goods industry in Nigeria, our research will save you time and money while empowering you to make informed, profitable decisions.

The Baked goods in Nigeria market research report includes:

- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

- What is the market size of Baked goods in Nigeria?
- What are the major brands in Nigeria?
- How will increasingly volatile wheat commodity prices impact retail prices and sales performance?
- What are the market opportunities for high fibre products?
- Are consumers in developing markets moving from unpackaged/artisanal to packaged/industrial offerings?

Reasons to Get this Report

- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions

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