Globally, Cocoa & Chocolate market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of 4.0% in the forecast period of 2020 to 2025 and will be expected to increase by millions of USD from 2019, Tea isn’t left out.
In Nigeria, the demand for beverage, keeps growing as Nigeria seeks to diversify from oil dependence and this places Chocolate, Coffee & Tea at the top of the attractive fields.
With the Beverage sector occupying the largest area of the Food and retail sector, Nigeria’s Chocolate, Coffee & Tea market is the biggest in West Africa and Tea, Coffee, Chocolate, together with other hot and cold beverage are expected to continue to see good growth in coming years.
Chocolate in Nigeria – In 2019, chocolate confectionery in Nigeria witnessed a return to strong growth in both retail volume and current value terms. It hugely benefited from the presence of an increasing range of products and brands witnessing new players entering the category and offering variety of brands and relatively more affordable products, in turn enabling more consumers to enter the category.
Coffee in Nigeria – The spreading coffee culture across Nigeria continues to push the demand for fresh coffee and new brands. Accordingly, sales in coffee are expected to increase over the forecast period. This is notably being driven by the growth of the urban population as well as changes in lifestyles, with the rising middle-income consumers working in formal industries increasingly embracing Western cultural norms and consumption habits. Coffee consumers in Nigeria keep rising and wider varieties of products are in high demand.
Tea in Nigeria – Tea is expected to record stronger retail volume growth. With the ever growing urban population combined with the improvement of the economy and the growing number of people working in the formal sector, tea consumption significantly increased in 2019 and will boost volume growth. Soft drivers like growing availability and an increase in product variety will contribute to growth.
Consumer Habits – Shopping malls, stores and shops are increasingly popular in Nigeria. With a current estimated population of 200million+ people which keeps increasing daily and a rapidly increasing middle class, economists believe that the consumer market will witness large growth, which should provide FMCG companies with a good range of opportunities.