In 2023, the volume per capita of alcoholic beverages in Nigeria was X Kg, serving as a baseline for our analysis. From 2024 to 2028, the forecasted data suggests a steady decline in per capita consumption, decreasing from 7.18 Kg in 2024 to 2.54 Kg in 2028.
Year-on-year variations indicate a significant reduction in alcohol consumption. The forecasted trend shows a -16.6% decrease from 2024 to 2025, followed by a -19.7% decrease from 2025 to 2026, a -23.7% decrease from 2026 to 2027, and a -30.8% decrease from 2027 to 2028. These substantial declines are noteworthy.
Over the forecasted five-year period from 2024 to 2028, the Compound Annual Growth Rate (CAGR) is expected to be negative, illustrating an average annual decrease in per capita consumption. This stark downward trend suggests a significant shift in consumption patterns.
Future trends to watch for include potential changes in consumer preferences, economic pressures, and possible regulatory impacts that could further influence this declining trend. Additionally, monitoring competitive market responses and innovations in the alcoholic beverage industry could provide further insights into evolving consumption behaviors.
