Introduction

The Fast-Moving Consumer Goods (FMCG) industry is one of the most vibrant and competitive sectors in Nigeria. The sector is characterized by high consumer demand and rapid turnover of products, and significant number of companies involved in the production and sale of essential goods such as food and beverages, personal care products, and general retail items. These companies play a crucial role in the Nigerian economy.

Notably, according to NielsenIQ Retail measurement data for 2023, inflationary pressure was the main driver of FMCG markets in Nigeria. Thus, while the total FMCG value for home care, personal care, skin care, and ambient food grew, household consumption spending of FMCG products drastically reduced due to the cash crunch effect which bedeviled the country in the third and last quarters of 2023.

In light of the foregoing, we have examined several factors and trends which have and will continue to influence the trajectory of the FMCG industry in Nigeria. This forecast therefore analyses these key trends, market dynamics, and potential challenges and opportunities that shape the FMCG industry presently and in the future.

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