With the increasing population in Nigeria, the demand for daily consumables is on the rise. There are numerous daily consumed products in the country that are highly sought after due to their indispensable nature.
For those who are looking for a business to engage in, selling daily consumables is one of the most lucrative and profitable businesses worth considering. It has a good turnover, which makes it a safe haven for wealthy and average Nigerians who wish to join the business.
What are daily consumables?
Daily consumables are those essential products that we use frequently. While some may misconstrue it to mean only food, that is not true since there are lots of products that we use daily apart from food.
In the simplest terms, daily consumables are those items that we use on a daily basis. This could be food, clothes, beverages, and other essential products that we use in our day-to-day lives to sustain life.
Do daily consumables offer a good business opportunity?
Yes, daily consumables offer a good business opportunity. As an intending business owner, selling daily consumables is an excellent business opportunity since it has a good turnover, which will amount to substantial profit within a short period of time.
List of Daily Consumable Products in Nigeria
There are lots of daily-consumed products in Nigeria. They include:
1. Health and Fitness Products
Health and fitness products are among the daily consumables that are highly sought after in Nigeria because of their indispensable nature. Health products are widely used in Nigeria for different purposes, ranging from medicinal to preventive.
Due to the increasing number of sudden deaths and pandemics, Nigerians are now more conscious of their well-being, which has led to an increasing demand for medical products.
According to statista, the annual revenue that is expected to be generated from the health and fitness product by 2027 is US$4.35 million, with a cumulative annual growth rate of 8.88%
Examples of health and fitness products include:
- Training equipment
- Fitness devices
- Wireless health devices
- Nutritional food products
- Energy drinks
2. Food and Grocery Products
Food, one of the basic needs of man, is a daily consumable that is invaluable. Nigerians consume a variety of food items on a daily basis. The demand for food in the country is on the rise owing to the increasing population.
Lots of foods are consumed in the country, both perishable and non-perishable food items. Since people of all genders and ages consume food to keep fit, it is expected that the food industry will continue to grow tremendously.
According to predictions from Statista, the food market in Nigeria will generate an estimated revenue of about US$262.50 billion by the end of 2024, and the market is projected to grow by 12.59% on an annual basis until 2028.
Some of the daily consumed food and grocery products are:
- Oils, Sauces, Salad Dressings, and Condiments.
- Cereals and breakfast foods.
- Soups and canned goods.
- Garri, yam, and potato
- Frozen Foods.
- Dairy, cheese, and eggs.
- Bakery and bread.
- Meat and seafood.
- Pasta and rice.
3. Beauty and Personal Care Products
Beauty and personal care products are another popular daily consumable on our list. Beauty products are highly sought after since they are essential products that people can’t do without, especially ladies.
Looking attractive and presentable is one of the major concerns of Nigerians; hence, there is always a high demand for beauty and personal care products to make them look alluring. Beauty products are not seasonal, which is why they are one of the daily consumables with a high turnover.
A report from Statista projects that about US$9.71 billion will be generated from beauty and personal care products in Nigeria by the end of 2024.
Some of the daily consumed beauty and personal care products are:
- Skin moisturizers
- Perfumes and deodorants
- Fingernail polishes
- Eye and facial makeup preparations
- Hair colors
- Toothpastes, etc.
4. Hair Care and Extension Products
When it comes to daily consumables that are highly sought in Nigeria, hair care and extension products are always among the top players. The demand for different hair extension products is on the rise due to the fact that most ladies want to look fashionable with trendy hair.
It is no more news that most ladies in Nigeria use hair extension products like wigs of different types to beautify themselves. In fact, a greater percentage of Nigerian ladies have up to five different wigs that they use on a rotational basis on different occasions.
According to Statista, the hair care and extension products market in Nigeria is expected to generate about US$1.31 billion in revenue by the end of 2024.
The hair care and extension products that are mostly used in Nigeria include:
- Peruvian hair
- Synthetic hair
- Hair extension conditioner
- Soft hairbrush
- Brazilian hair
- Curling Wands
- Hair extension treatment
- Hair extension shampoo
- Hair extension hydrating mask
- Hair extension bag and hanger
5. Phone Accessories
The world is now becoming global due to technological advancement and Nigeria is not left out.
The demand for phone accessories in the country is on the rise since most people want to enjoy their device to the fullest by properly utilizing the accessories that come with it.
Most people buy phone accessories to replace spoilt ones or new accessories to replace or augment the old ones. Whatever, phone accessories are highly sought after because of their essential nature.
There are lots of phone accessory products that are used on a daily basis; they include:
- Memory Cards.
- Selfies and ringlights.
- Phone Stands.
- Screen guide, etc.
6. Soft Drinks
Soft drinks are another popular daily consumable product that is widely used in Nigeria. One good thing about soft drinks is that they are consumed in every nucleus and cranny of the country, irrespective of religion and ethnic differences. The demand for them is high, leading to a high turnover rate.
The sale of soft drinks offers endless business opportunities for those who may wish to venture into the business. There are lots of soft drinks that are consumed in Nigeria, ranging from carbonated drinks to juice extract.
A report from Statista says that soft drinks in Nigeria will generate a revenue of about US$47.20 billion by the end of 2024, with an annual cumulative average growth rate of 19.64%. This depicts a high consumption and turnover rate.
Examples of soft drinks consumed daily are:
- Coca Cola.
- Royal Crown
- Juice Chivita
- Juice pulpy orange 5 alive
7. Baby Accessories
Another popular daily consumable in Nigeria is baby accessories. Since there is an increase in the birth rate in Nigeria, the demand for baby accessories is also on the rise due to their essential nature.
The rate at which people give birth is increasing; hence, the demand for baby accessories will continue to rise on a daily basis. There are hundreds of new births in Nigeria on a daily basis.
The revenue from baby accessories (diapers) in Nigeria is expected to reach US$2.26 million by the end of 2024 (Statista).
Examples of baby accessories include:
- Pears Baby Cream.
- Aveeno Baby Daily Moisture Lotion.
- Cusson’s baby cream.
- Plastic Baby bottles
- Baby Diapers.
- Baby Bedding.
- Johnson’s Baby oil.
8. Electronic Products
Electronic products are another daily consumable in Nigeria that are highly sought. Electronic gadgets make life easy; hence, there is continuous demand for them.
For those who may wish to start selling the product in the country, it is one of the most lucrative and profitable businesses to venture into because it has a good turnover rate.
Examples of electronic products include:
- Flatscreen TVs
- Washing machine
- Air condititoner
- Television sets
- MP3 players
- Video recorders
- DVD players
- Radio receivers
Cloth is an important daily consumable in the country. Nigerians wear clothes on a daily basis to protect their nakedness. There is increasing demand for clothes in the country. There are a variety of clothes that are available in Nigeria, ranging from corporate wear to nightwear, casual wear, and okirika. There is an evergreen business opportunity for those who may want to go into the business since it has an excellent turnover rate.