Wednesday, January 09, 2018 08:55 AM / FDC
Cost and convenience have propelled a change of taste amongst millennials and urban dwellers in Nigeria. They now consume more noodles than rice (1.76 billion servings per annum).
The noodles market in Nigeria is valued at approximately N200–N250 billion and is growing at a rate of 16%–20%. The industry is dominated by De-United Foods (makers of indomie). Global noodles demand of 100 billion servings is constrained by health concerns of cardio-vascular and intestinal disorders.
Noodles is selling between N1500-N2000 per carton and has remained flat since early 2018.
The slides below contain a snapshot of the global and domestic developments in the commodities market this week.