Nigeria Sugar Market to Grow at a CAGR of 3.5% During the Forecast Period of 2024-2032, Aided by the Rising Domestic Production of Sugar

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.

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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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, forms, sources, and primary end uses of sugar in Nigeria.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) 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.

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.