Beer demand in Nigeria reached 1.73 million metric tons in 2023. The year-on-year variation for 2023 was -2.98%, with a compound annual growth rate (CAGR) of -0.78% over the past five years. In the last decade, demand peaked in 2016 at 2.62 million metric tons but has since declined, hitting a low of 1.57 million metric tons in 2020. There was a slight recovery in 2021 with a 16.97% increase, but the trend resumed its decline, with year-on-year decreases in both 2022 and 2023.
Future projections indicate a continued downturn, with a forecasted CAGR of -2.77% and an overall decline of 13.09% by 2028, bringing demand to 1.45 million metric tons. This suggests that the beer market may remain challenging in the coming years.
Future trends to watch for include potential shifts due to economic factors, changing consumer preferences, and potential regulatory changes impacting the alcohol industry. Additionally, monitoring the impact of new market entrants and innovations within the beverage sector could provide valuable insights.
