Nigeria is also among the top three leading economies in the African region. It is a mixed economy with a middle-income class population. Agriculture sector of Nigeria represents around 17% of the total Nigeria economy and is continuously growing with improved technology and financial support from the Government. However, the high milk demand of the country is not met by domestic milk production. The country spends around $1.3 billion on the import of dairy products. However, the Government has committed to double milk production to meet domestic consumption and export over the following years. The demand for whey protein was low in Nigeria. The market revenue of whey protein was $11.1 million in 2020 and is estimated to grow at a CAGR of 4.4% to reach the market revenue of $14.0 million by 2026.
The whey protein market in Nigeria is driven by the increasing demand for infant formula and dietary proteins. In addition, the demand for whey protein in various food and beverage items has increased due to the rising awareness about the associated health benefits of whey protein. The growing demand for protein-rich foods has led to the development of various food items containing whey protein, such as ice creams, biscuits, cakes, breads, and many others. Many well-off Nigerians have been consuming whey protein powders to maintain fitness. However, major concerns such as poor infrastructure, high poverty, and political instability hinder the growth of whey protein. However, many multinational companies have already placed themselves into the African market and constantly seek to develop whey protein-based products to tap the early bird advantage. The players are making huge investments to raise consumer awareness about whey protein by aggressive marketing strategy.
The whey protein market in Nigeria is driven by the increasing demand for infant formula and dietary proteins. In addition, the demand for whey protein in various food and beverage items has increased due to the rising awareness about the associated health benefits of whey protein. The growing demand for protein-rich foods has led to the development of various food items containing whey protein, such as ice creams, biscuits, cakes, breads, and many others. Many well-off Nigerians have been consuming whey protein powders to maintain fitness. However, major concerns such as poor infrastructure, high poverty, and political instability hinder the growth of whey protein. However, many multinational companies have already placed themselves into the African market and constantly seek to develop whey protein-based products to tap the early bird advantage. The players are making huge investments to raise consumer awareness about whey protein by aggressive marketing strategy.
Key Deliverables
- Market trends since 2017 and five-year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects, and competition pattern
- Insights on the 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
- Agropur MSI, LLC
- Arla Foods
- Carbery Group
- Champignon-Hofmeister Group
- DMK group
- FriesiandCampina Ingredients
- Glanbia Plc
- Hilmar Cheese Company Inc
- Lactalis Ingredients
- Land O'Lakes Inc
- Leprino Foods Co
- Milk Specialties Global
- Meggle Group
- Saputo Ingredients
- Fonterra Co-operative Group
- Volac.
