The wine market in Nigeria has seen significant fluctuations over the years. From a peak in 2015, the market saw a sharp decline until 2017. There was a partial recovery in 2018, with a slight decline in 2019, a more substantial drop during 2020, followed by moderate recovery in 2021. The data shows a continuous downward trend from 2022 onwards. In 2023, the wine market size in Nigeria stood at 21 Thousand Metric Tons with a year-on-year decrease of 4.55% and a compound annual growth rate (CAGR) of -3.43% over the last five years.
Looking forward, the forecasted data indicates a persisting decline with the market expected to reduce to 17.9 Thousand Metric Tons by 2028. The forecasted five-year CAGR is -2.65%, translating to a -12.55% growth rate. These trends point to a continuously shrinking market in Nigeria for the foreseeable future.
Future trends to watch for:
- **Inflation Impact:** As inflation affects consumer purchasing power, the demand for wine may continue to decline.
- **Changing Consumer Preferences:** Monitoring shifts towards non-alcoholic or premium alcoholic products as trends evolve.
- **Regulatory Environment:** Changes in import taxes, duties, and regulations may impact market dynamics.
- **Local Production:** Increased or decreased local wine production capacity might influence market volumes.