Nigeria Soy Protein Market- Size, Trends, Competitive Analysis and Forecasts (2022-2027)

Nigeria Soy Protein Market to be worth $35 million by 2027

Nigeria is also among the fastest developing nations in the African continent. For the last few decades, the country has suffered due to various issues such as terrorism, political chaos, and other minor domestic issues. However, the country is slowly emerging out of these problems in the past few years due to increased financial and military aid from developed countries such as the U.S., U.K, Germany, and France. The soy protein market in the nation currently shares 6% of the African soy protein industry, the market revenue of which stands at $27.4 million in 2021. High commitment towards industrialization, infrastructure development, and growing consumption of processed food projects the soy protein industry in the country to capture the value of $35 million by 2027, registering a CAGR of 4.3% from 2022 to 2027.

The soy protein industry is majorly driven by the rising income of the population in the country. The economically stable population is increasingly demanding processed and packed food and beverages. Moreover, the health consciousness among people is also rising due to rising concerns about obesity. These drivers have led to an increasing share of the application of soy protein in the food industry. The demand for RTD drinks such as energy or relaxation drinks, high-protein and/or low-lactose dairy drinks, protein-based drinks has also been rising steadily. This is mainly because of changing consumer buying patterns and attitudes. Thus, the beverage industry also captures a high market share of around 15% of the overall soy protein market share.

The dietary supplement industry has grown considerably in the past few years. The population demanding protein-based supplement products is mostly from the high-income class. However, most of the supplement products in the country are made up of whey protein which poses major restraints to the soy protein market application in the industry. But with growing demand for plant-based protein products, the growth of application of soy protein in dietary supplements is the fastest, with the CAGR projection of 4.7% from 2022 to 2027.

Key Deliverables

• Market trends since 2018 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