Nigeria is also among the rapidly growing economies in Africa region. Since last few years due to efforts of the Government for industrialization and infrastructure development and increasing support from the leading countries in the western region, manufacturing and service sector is going to flourish in coming years. Fish protein market of Nigeria currently possess around 15% of Africa Fish protein industry. Though, the fish protein industry in Nigeria is not much developed compared to South Africa but with growing demand of protein in the country, its application across various industry segments is estimated to grow further in coming years.
In terms of market revenue, Nigeria’s fish protein market has a market revenue of $0.0035 million in 2018. Growing level of disposable income in the middle-class and lower-class population, surging demand of supplement products particularly among the youngsters and improving lifestyle of the population in the country are some of the major drivers for the growth of fish protein market in Nigeria. Considering these drivers, the fish protein industry is estimated to capture the market revenue of $0.0041 million by 2023, registering a CAGR of 3.3% during the forecast period. Like all other countries in Africa region, the application of fish protein across dietary supplements has highest market share of 43%. Growing demand of supplement products such as protein bars, protein drinks, flavored water, juice and other products that helps to recover tissues after intense exercising among sports persons and body builders provides huge opportunity for the growth of application of fish protein across supplements industry.
In Nigeria, the consumption of meat is very high and the awareness about the protein-based products is very low. However, intensive marketing campaign of the leading companies in the protein industry has resulted in growing awareness about the protein products in the food industry. Steadily growing demand of meat-alternative products due to growing concern about health, rising demand of dairy alternative products provides huge scope for the application of fish protein as an ingredient. Moreover, the beverage industry of Nigeria has recorded significant change due to rising demand of high protein containing drink. Though, beverage industry presently shares very low market share of fish protein but with growing consumption of protein-based shakes, smoothies and other protein-based products the industry is going to record new heights in coming years.
Key Deliverables
In terms of market revenue, Nigeria’s fish protein market has a market revenue of $0.0035 million in 2018. Growing level of disposable income in the middle-class and lower-class population, surging demand of supplement products particularly among the youngsters and improving lifestyle of the population in the country are some of the major drivers for the growth of fish protein market in Nigeria. Considering these drivers, the fish protein industry is estimated to capture the market revenue of $0.0041 million by 2023, registering a CAGR of 3.3% during the forecast period. Like all other countries in Africa region, the application of fish protein across dietary supplements has highest market share of 43%. Growing demand of supplement products such as protein bars, protein drinks, flavored water, juice and other products that helps to recover tissues after intense exercising among sports persons and body builders provides huge opportunity for the growth of application of fish protein across supplements industry.
In Nigeria, the consumption of meat is very high and the awareness about the protein-based products is very low. However, intensive marketing campaign of the leading companies in the protein industry has resulted in growing awareness about the protein products in the food industry. Steadily growing demand of meat-alternative products due to growing concern about health, rising demand of dairy alternative products provides huge scope for the application of fish protein as an ingredient. Moreover, the beverage industry of Nigeria has recorded significant change due to rising demand of high protein containing drink. Though, beverage industry presently shares very low market share of fish protein but with growing consumption of protein-based shakes, smoothies and other protein-based products the industry is going to record new heights 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
Companies Mentioned
- Triple Nine Group A/S
- Advance International Inc.
- Ingredients Inc.
- Omega Protein
- Alaska Protein Recovery
- Guyamas Protein Company
- Bacarel Express
- BioOregon Protein
- Sopropeche
- Hofseth Biocare ASA
- A. Costantino & C. S.P.A.
- Aroma NZ
