Launch of Innovative Dairy Products in Nigeria to Boost Dairy Products Market: Ken Research
Innovation in dairy products, new product launches by the global giants in Nigeria dairy product market, acquisitions of small players by the global players, and marketing initiatives by established dairy product manufacturers are the major factors which are driving the dairy product market in Nigeria.
Nigeria market had though showcased decline during the historical period, the market is expected to grow during the forecast period. Growing GDP coupled with the rising awareness are the factors which are expected to drive the market in future. This fact has resulted into entrance of various global giants in the market with their innovative products. It has been observed that various novel dairy products have been launched in Nigeria dairy market in previous years including long life milk, various types of cheese, and yoghurt and ice cream in different flavors as per the taste of the people living in Nigeria.
The major examples of such innovative products launched in Nigeria include Fan Milk launch of frozen yoghurt and Nutricima launch of Yo Classic yoghurt for health conscious consumers in Nigeria.
In 2015, on the basis of products, milk powder has been observed as the highest contributor to overall dairy product market in the nation. However, the percentage contribution by this segment has declined during the period owing to reduction in import volume after the rise in the import duties during the period. This scenario deviated the attention of many milk powder manufacturers towards production of its major substitute products such as UHT milk, long life milk, and skimmed milk. Yoghurt is estimated as the second largest and fastest growing segment in the market. Yoghurt consumption is traditionally high in Nigeria due to which its manufacturers in nation were motivated to continuously work on its taste, and quality. This made its manufacturers capable to offer variety of yoghurt products such as soft drinkable yoghurt and spoon able yoghurt as a trendy refreshment dairy product in the nation for each and every individual as per the choice, leading to high demand for yoghurt.
The report titled “Nigeria Dairy Products Market Outlook to 2020 – Launch of Innovative Dairy Products in Nigeria to Boost Dairy Products Market” provides a comprehensive analysis of the dairy product market in Nigeria. The report includes the market share contributed by the sales of different dairy products including processed milk, yoghurt, cheese, ice cream, butter, flavored milk and milk powder. The report will help readers to identify the ongoing trends in the market and anticipated growth in future depending upon changing market dynamics in coming years. The report will aid existing dairy product market players, wholesalers, dairy co-operatives, and the new entrants to align their market centric strategies according to ongoing and expected trends in the future.
For more information about the publication, refer to below link:
Ankur Gupta, Head Marketing & Communications