The Alcoholic Beverages Market in Nigeria has experienced significant fluctuations over the past decade, with a marked decline from 5.15 million metric tons in 2014 to 1.84 million metric tons in 2023. The year-on-year variation indicates sharp declines in specific years, most notably in 2015 (-31.83%) and 2020 (-23.11%), with some minor rebounds like 2021 (11.06%), although overall the market has been contracting. The CAGR over the last five years stands at -6.72%, reflecting an ongoing downward trend.
Noteworthy forecasted data from 2024 paints a bleak picture, with the market expected to shrink further to 0.90774 million metric tons by 2028, implying a forecasted 5-year CAGR of -11.22%. The year-on-year variation for 2024 is projected to be -8.86%, mirroring the recent trend.
Future trends to watch for include potential regulatory changes, shifts in consumer preferences, economic policies, and market disruptions such as inflation or supply chain issues, which may further affect the market trajectory. Observing these factors will be critical in predicting and responding to market demands.
