Despite economic challenges hitting many households, the future of Nigeria’s baby food market has been reported to be a very promising one, IgbereTV reports.
The positive indicators are coming amid the continuously rising birth rate and low use of contraceptives among women.
IgbereTV had earlier reported that in three years a total number of 18.6 million babies were registered across the country despite six states not captured in the report.
The report data which was obtained from the National Bureau of Statistics (NBS) and National Population Commission confirmed a trend that was in consonance with a similar report from the United Nations that Nigeria is projected to increase by 90 percent to 401 million by 2050.
The (UNICEF) also noted that at least seven million babies are born in Nigeria yearly.
Food is essential for babies in order to help them develop properly, hence regardless of the economic challenges, the rising population translates into a profitable market and increased sales for makers of baby food within and outside Nigeria.
A data report from Statista shows that revenue from babies foods for players in the industry amounts to $3 billion (1.24 trillion) in 2022
