The demand for distilled alcoholic beverages in Nigeria has shown a consistent pattern, hovering around 16 thousand metric tons since 2015, except for a notable dip in 2020 when it dropped to 13.28 thousand metric tons. As of 2023, demand stood steady at 16 thousand metric tons. The year-on-year variation from 2022 to 2023 was zero. Looking over the last two years, the trend has been flat, while the last five years showcase an average annual growth rate (CAGR) of zero. The forecasted CAGR over the next five years is a modest 0.21%, with an overall growth rate of 1.06% by 2028.
Future trends to watch for:
- Potential market expansions or contractions due to economic changes
- Shifts in consumer preferences towards other alcoholic beverages or products
- Impacts of regulatory changes affecting production and sales
- Possible influence of foreign market players entering the Nigerian market
- Innovation in product offerings and marketing strategies
