Despite economic challenges hitting many households, the future of Nigerias baby food market has been reported to be a very promising one.
The positive indicators are coming amid the continuously rising birth rate and low use of contraceptives among women.
It had earlier been reported that in three years a total number of 18.6 million babies were registered across the country despite six States not being captured in the report.
The report data, which was obtained from the National Bureau of Statistics (NBS) and National Population Commission, confirmed a trend that was in consonance with a similar report from the United Nations (UN) that Nigeria is projected to increase by 90% to 401 million by 2050.
The United Nations Childrens Emergency Fund, (UNICEF), also noted that at least seven million babies are born in Nigeria yearly.
Food is essential for babies in order to help them develop properly, hence regardless of the economic challenges, the rising population translates into a profitable market and increased sales for makers of baby food within and outside Nigeria.
A data report from Statista shows that revenue from babies foods for players in the industry amounts to $3 billion (1.24 trillion) in 2022. It also noted that the market is expected to grow annually by 10.40% (CAGR 2022-2026).
Also, a study conducted by the Ken Research on the Nigeria Baby Food Market Outlook shows N200 billion worth market for any investor on the back of high birth rate and fertility rate.
The future of Nigeria baby food market looks quite promising given the positive growth and development indicators, the market is expected to register a positive CAGR of 11.6 percent in terms of the revenue generated during the review period 2018-2023, according to the outlook.
It added that newer baby food products such as specialized baby food for infants with allergies, colic, premature babies, regurgitation and other such issues might be launched in near future.
Consumer goods players are leveraging on this and introducing more products to satisfy the children’s market.
