The plant protein market in Nigeria is surging significantly and has recorded a strong growth with a compound annual growth rate CAGR of 32.0 per cent during 2018 to 2020. According to a Consumer- Intel360’s Q4’20 Global Plant Protein Survey, Nigeria is witnessing a growing demand for plant-based protein diets, driven by the flexitarian consumer and the growing vegetarian (vegan) community. Plant protein industry is expected to continue to grow in Nigeria over the forecast period. It is expected to record a CAGR of 23.7 per cent during 2021 to 2027. The plant protein consumption in the country will increase from $45.8 million in 2020 to reach $211.8 million by 2027.
This shift from animal-based protein to plant-based protein is driven by the adoption of healthier food choices, availability of alternatives to animal proteinbased diets, sustainability and environmental concerns. Moreover, COVID-19 has reinforced the demand for plantbased products, especially plantbased meats, thereby inducing competition in the market. This business intelligence report from ConsumerIntel360 aims to analyze market opportunities and risks in plant protein industry in Nigeria.
The report offers a detailed view of market opportunity by end user segments, product categories, ingredients, applications, key cities, competing protein segments, price point and shift in consumption by consumer demographics. The databook offers and provides data-centric analysis of plant protein market dynamics to help companies understand business and investment opportunities along with risks. ConsumerIntel360 is a boutique strategy research and consulting firm offering business intelligence platform on emerging consumer trends, product innovation, supply chain dynamics, and e-commerce strategy.