Daily consumable products/goods are those items that people consume on a daily basis. In fact, any product that people use everyday is considered as a daily consumable product. These products could be food items, electronics, fashion items, health & wellness products etc. There are endless business opportunities for those who wish to venture into selling daily consumable products because they are highly demanded by Nigerians.
There are numerous daily consumable products in Nigeria that people highly sought-after. Most of these daily consumable products are essential products that people can’t do without, hence creating a lucrative business opportunity for those who may wish to start the business in that sector. The demand for daily consumable products in Nigeria will continue to increase according to reports from Statista, hence making it a safe haven for those who wish to go into it.
List Of Daily Consumable Products
The list of highly sought-after daily consumable products in Nigeria are enumerated below:
1. Food & Groceries
Food and groceries are among the most daily consumed products in Nigeria, because they are basic necessities that people can’t do without. People must eat daily to be healthy and fit, hence food becomes one of the most daily consumed products in Nigeria. These foods and groceries products can range from perishable to non-perishable food items like fruits, meats, foodstuffs etc.
According to Statista, it is anticipated that by the end of 2023, Nigerians would spend US$231.5bn in the purchase of food & groceries products. However, the market is expected to grow yearly by 12.75% (CAGR 2023 -2028). In this projection, the confectionery and snacks segment will likely take the lead because it is expected to have a market volume of US$54.2bn by the end of 2023.
From the above statistics, we can see that food and groceries products are among the most daily consumed products in Nigeria and there is likelihood that this will continue in the nearest future hence it is a good business opportunity for those that want to venture into it.
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2. Fashion Items
Another daily consumed product in Nigeria that is highly demanded is fashion items. Fashion items are essential products that people can’t do without because it is needed by both men, women and kids. There are projections that about 58.7 million Nigerians will actively buy fashion items from the apparel industry by 2025. From this forecast, it is safe to say that the shoes and clothing market will witness positive changes in Nigeria in the near future.
3. Hair Wigs & Extensions
If you’ve been keen enough, you would have noticed that wearing wigs and hair extensions has become common among Nigerian women. It is a daily consumable that women cannot do without. Most women reuse and recycle wigs frequently.
A report from the News Agency of Nigeria (NAN) has it that at least 8 out of 10 Nigerian women wear wigs as part of their daily wardrobe to look beautiful. The report also went further to reveal that most women have up to 5 different wigs for rotational purposes. These women cited ease of use, cost-effectiveness and convenience as the major reasons they choose wigs over sew-in weaves.
4. Computer & Phone Accessories
Another highly sought-after daily consumable product in Nigeria is computer and phone accessories. It is a clear fact that the number of people in Nigeria that use phones and computers have continued to increase on a daily basis due to increasing adoption of technology in the country. So, the number of people that demand for computer & phone accessories increases everyday, making it a lucrative business for those who wish to go into it.
5. Health & Wellness Products
Health is wealth, hence health and wellness products are the popular and highly demanded daily consumable in Nigeria. After the ugly COVID-19 pandemic that ravaged the world, Nigerians have become more conscious of their health, leading to increasing demand for wellness products. People who sell health and wellness products in Nigeria make hell-lots of profits due to increasing demands for the product on a daily basis. There are predictions that the industry’s revenue will expand by 7.79% annually, with a market size of $8.97 million by 2026.
6. Baby Accessories
It is no more news that the population of Nigeria is growing on a geometrical basis due to increasing natality rate, leading to the increasing demand for baby accessories. This product is highly-sought after because of its indispensable nature. According to statista, it is projected that the size of the world market for infant products will increase at a Compound Annual Growth Rate (CAGR) of 5.7% from 2023 to 2030. In all, the toys segment of baby accessories is expected to take lead in the revenue generation in the near future.
7. Soft Drinks
Another daily consumable in Nigeria that is highly sought-after is soft drinks. It is one of the products that are consumed daily in every part of the country. Most of these soft drinks are carbonated flavored with fruit extracts or juice. Many Nigerians consume them to get energized, hence making it an essential product to those who love them much. So, the soft drink business is profitable for those who may want to engage in it either as a retailer or wholesaler.
8. Cosmetic Products
As of 2017, the sale of skin care products in Nigeria totalled over 92 billion Naira. And consumption of cosmetic products is expected to increase in the near future. According to Euromonitor International reports, it stated that Nigeria cosmetics and beauty business is worth more than $1.256 bn at retail level. Hence, it is safe to say that cosmetic products are among the daily consumables in Nigeria that are highly demanded. As the number of female population increases in Nigeria, the demand for cosmetic and beauty products will also increase.
9. Electronic Goods
Due to increasing technological innovations, Nigerians have resorted to using different electronic products leading to the high demand of electronic goods in Nigeria. The daily use of electronics goods in Nigeria has continued to increase and the revenue generation from electronic goods in Nigeria is expected to reach $5.54 bn in Nigeria according to a statista report. From the forecast, it is anticipated that more Nigerians will continue to use different electronic products in the coming years making it a good business opportunity.
10. Fairly Used Clothes (Okrika)
Okrika is another daily consumed product in Nigeria. Due to the costly nature of new clothes, average Nigerians who can’t afford new clothes have resorted to buying fairly used clothes popularly called Okrika. Recently, the demand for second hand clothes have increased hence making it a lucrative business for those who engage in it. The demand for Okrika may likely increase in the near future if the government policies do not favor the masses because the more harsh the government policies are, the more likely that people will continue to patronize Okrika sellers.
