Nigeria is among the fastest developing economies in the Africa. However, in last few years many major developed countries are collaborating with the leading organization in the world to aid Nigeria in terms of safety, security and economic developments which would boost the industrialization and infrastructure development. The protein industry in Nigeria is in initial phase of development as the awareness about the protein is relatively low. However, with high influence of trend prevailing in the western developed countries, the demand of food, beverage and supplement products containing protein has increased which would boost the market value in coming years.
Nigeria contributes around 5% of total plant protein market in the African region, the market value of which is currently estimated at $29.50 million in 2018. Growing population inclining towards the vegan and vegetarian food consumption, improving lifestyle of most of Nigerians and growing popularity of supplement products among the youngsters and sports community are some of the major drivers that will drive the plant protein industry in Nigeria. The application of popular protein types such as soy protein, pea protein and wheat protein across food industry segments such as bakery, meat alternative, dairy alternative and bakery industry is highest. While, the industry of dietary supplements captures highest CAGR due to growing demand of protein rich supplement products among gym goers, body builders and athletes. All these trends in the industry would provide major boost to the Nigerian plant protein industry which will result in the market value of $36.03 million by 2023, at a CAGR Of 4.1% during the forecasting period 2018 to 2023.
Nigerian plant protein industry faces many restraints such as low awareness about the plant protein and its derivative products among the consumers, low infrastructure development resulting in less foreign investment, less know-how about protein extraction techniques and less number of local players involved in the industry. However, in last few years, Nigerian Government has started to roll out policies and regulation that would smoothen the process for the foreign companies to invest in the country which will not only boost the investments but local companies will also benefit from the technological and information know-how transfer. Moreover, due to high influence of major countries like U.S., Canada, France, Germany, etc. related to food regulations, Nigerian Government is seriously considering to define stricter rules and regulations which would provide good boost to the plant protein market in coming years.
Key Deliverables
Nigeria contributes around 5% of total plant protein market in the African region, the market value of which is currently estimated at $29.50 million in 2018. Growing population inclining towards the vegan and vegetarian food consumption, improving lifestyle of most of Nigerians and growing popularity of supplement products among the youngsters and sports community are some of the major drivers that will drive the plant protein industry in Nigeria. The application of popular protein types such as soy protein, pea protein and wheat protein across food industry segments such as bakery, meat alternative, dairy alternative and bakery industry is highest. While, the industry of dietary supplements captures highest CAGR due to growing demand of protein rich supplement products among gym goers, body builders and athletes. All these trends in the industry would provide major boost to the Nigerian plant protein industry which will result in the market value of $36.03 million by 2023, at a CAGR Of 4.1% during the forecasting period 2018 to 2023.
Nigerian plant protein industry faces many restraints such as low awareness about the plant protein and its derivative products among the consumers, low infrastructure development resulting in less foreign investment, less know-how about protein extraction techniques and less number of local players involved in the industry. However, in last few years, Nigerian Government has started to roll out policies and regulation that would smoothen the process for the foreign companies to invest in the country which will not only boost the investments but local companies will also benefit from the technological and information know-how transfer. Moreover, due to high influence of major countries like U.S., Canada, France, Germany, etc. related to food regulations, Nigerian Government is seriously considering to define stricter rules and regulations which would provide good boost to the plant protein market in coming years.
Key Deliverables
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Appendix
Companies Mentioned
- DuPont
- ADM
- Cargill
- Bunge
- Mead Johnson
- CHS
- Scoular
- Roquette Freres Le Romarin
- Burcon NutraScience
- MGP Ingredients
- Axiom Foods
- Tate & Lyle Plc
- Fonterra
- Kerry
- Omega Protein Corporation
- Glanbia PLC
- Beneo-Pa
