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Nigeria Sugar Market to Grow at a CAGR of 3.5% During the Forecast Period of 2022-2027, Aided by the Rising Domestic Production of Sugar

According to a new report by EMR titled, ‘Nigeria Sugar Market Report and Forecast 2022-2027’, the Nigeria sugar industry is expected to grow in the forecast period of 2022-2027 at a CAGR of 3.5%.

The market growth of sugar in Nigeria is being aided by the growing indigenous production of sugar and its raw materials in the country. The introduction of various favourable government initiatives to surge the domestic production of sugar while reducing the reliance on imports is propelling the market growth. In addition, the rising use of sugar in the cosmetics and personal care industry is fuelling the development of the market. The exfoliating properties of sugar are surging its deployment in face care applications. Sugar also has hydrating properties, making it suitable for cosmetics deployment, hence bolstering the market growth. In addition, the trend of do-it-yourself (DIY) skincare is expected to surge the demand for sugar, which is projected to provide impetus to the market growth in the forecast period.

Dangote Sugar (NGX: DANGSUGAR), the subsidiary of Dangote Industries Limited, one of the leading companies in the market, signed a deal with Savannah Sugar Limited Ltd (SSCL) in July 2020 for the acquisition of the company. The acquisition would enhance the production capacity while surging the company's profitability. This is expected to produce 1.44 million tonnes of sugar after the acquisition by leveraging Savannah’s production capacity of sugarcane. Such mergers and acquisitions are expected to surge the indigenous production of sugar in Nigeria and bolster the market's growth in the forecast period.

Market Analysis by Product Type, Form, Source, and End-Use:

  • Based on product type, the market can be divided into brown and white.
  • The industry can be divided into granulated, powdered, and syrup based on form.
  • The sources of sugar include sugar beet and sugarcane.
  • By end uses, the market is segmented into food and beverage, pharmaceuticals, personal care, and household, among others.

Key Findings of the Report:

  • The rising demand for packaged beverages is increasing the use of sugar, propelling the market's growth.
  • The market is aided by the rising penetration of quick-service restaurants (QSRs) and the growing demand for breakfast cereals containing extensive sugar.
  • The increasing demand for confectionery and bakery products and the increased consumption of sweet bread in Nigeria are propelling the market growth of sugar.
  • The increasingly health-conscious population's rising preference for brown sugar is providing impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the Nigerian market for sugar for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product types, forms, sources, and primary end uses of sugar in Nigeria.
  • It assesses the regional price trends for the (2017-2021) and (2022-2027) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Nigerian sugar market are BUA Group, Dangote Industries Limited, FMN Plc. Graceco Ltd, and Dogan's Sugar Limited., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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