Biscuits in Nigeria - New Market Research Report

Nigeria’s fast-growing biscuits market is benefiting from population growth and increased variety of biscuits which tend to be higher priced than previously, catering to a group of consumers whose incomes are growing. Competition is increasing and the market is tending towards more sophistication, with foreign-owned companies trying to find local partners to grow distribution but introducing higher-priced products. From a period in which most local biscuits per unit pack (10-12g) sold at NGN5, the standard price has become NGN10 and it is set to continue to increase, while even higher-priced varieties are found on the market. Therefore, following the trend for acquisitions, with the last three years seeing the acquisition of Deli Foods Nigeria Ltd by the South African company Tiger Brands Ltd and OK Foods Nigeria Ltd being acquired by Olam International Ltd, 2013 saw the acquisition of A & P Foods Ltd by the renowned global player, United Biscuits, which already had a presence in the market. Such acquisitions will help to further develop the biscuits market in Nigeria.

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Competitive Landscape

Yale Foods is the dominant leader in biscuits in Nigeria with a value share of 38% in 2013 and 2014. The company’s leadership was built on its early-mover advantage, extensive distribution network and strong consumer loyalty towards its wide range of brands. Its leading position also reflected its long-standing reputation for offering good quality products at reasonable prices. OK Foods, which offers the OK Chic Choc brand, among others, was the second leading biscuits player overall, with a value share of just under 20%. A & P Foods, which has just been acquired by United Biscuits, is in third place with a 13% value share thanks to the combined strength of its McVitie's (which was moved to the company by United Biscuits as part of the acquisition) and Haansbro brands.

Industry Prospects

The outlook for biscuits remains positive, with retail volume and constant value sales expected to post CAGRs of 6% and 4%, respectively, over the forecast period. Population growth and rising disposable incomes will continue to bolster demand in the category, as will the increasing popularity of biscuits as a convenient in-between meal or on-the-go snack option among Nigerian consumers with busy lifestyles. New launches, improvements in distribution, price promotions and other marketing activities will also help to sustain strong growth in retail volume and constant value sales for the category.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Biscuits industry in Nigeria with research from Euromonitor's team of in-country analysts.

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