The demand for alcoholic beverages in Nigeria has exhibited a significant declining trend from 2014 to 2023, starting at 5.32 million metric tons and dropping to 2.0 million metric tons. The most notable year-on-year drops occurred in 2015 (-31.14%) and 2020 (-22.79%). Although there was a minor increase in 2021 (11.64%), the overall trend has been downward. Over the last five years, the compound annual growth rate (CAGR) has been -6.26%, highlighting a persistent decline in demand.
In forecasting through 2028, this decline is projected to continue, with an expected decrease to 1.06 million metric tons. The forecasted 5-year CAGR is -10.07%, translating to a significant overall reduction in demand of -41.16% by 2028.
Future trends to watch for include potential shifts in consumer preferences, economic factors influencing disposable incomes, government regulations on alcohol and potential new market entrants or product innovations that could alter consumption patterns.
