According to a recent released statistics, 38.68 million litres of soft drinks were sold in Nigerian in 2016.
This was disclosed by Mrs. Martina Claus, Head of Market Development, German Engineering Federation, on Wednesday at the ongoing Third International Trade Exhibition on Agrofood, Plastics, Printing and Packaging in Lagos.
With the myriad of macro-economic challenges facing businesses in Nigeria, particularly, the Fast Moving Consumer Goods companies (FMCG), alcoholic beverage brands and to a lesser extent non-alcoholic beverage brands will feel the pinch more with lower profits as consumers look for cheaper brands. This was the assessment of analysts at Moody’s Investors Service, a global country and market rating company.
The economic turmoil in the country is having an adverse effect on the fortunes of many Fast-Moving Consumer Goods companies (FMCGs).
Nielsen Consumer Confidence Index, which is a key measure of the economic health of the country, has seen a significant drop in consumer confidence index in Nigeria due largely to weak macro-economic factors, rising inflation, weakened consumer income, all of which has affected the way consumers feel about the future.
In the dynamic alcoholic beverage industry, one man is trying to redefine how business is done. The Managing Director of drinks.ng, Lanre Akinlagun, talked to Beverage Industry News (NG) recently on the state of the alcoholic beverage industry in Nigeria
Let us start by you giving us a brief background about yourself, where you started, where you went to school and how you got into this business?
Sidel, a leading global provider of complete PET packaging lines and solutions for the beverage industry said that Nigeria is expected to grow the beverage industry at an annual growth rate of 10.8 percent in 2019.
Speaking at a customer outreach event in Lagos on Tuesday, September 29, organized by the company for its customers in Nigeria and Ghana and tagged “Value Creation Day,” Dominique Martin, Regional Commercial Director for Africa, said that Nigeria’s market is currently at 27.2bn litres, with water leading future volume increase, with a compound Annual Growth Rate (CAGR) of 11.1 percent.
A new study that looked at the characteristics of wine drinkers in Nigeria found that they are more likely to be educated, married and earn a high income.
This was the result of a study published in the Mayfair Journals, which was authored by Osadebamwen Anthony Ogbeide of the Agribusiness Services, Adelaide, Australia and Ideba Ele of the Department of Agricultural Economics and Extension at the University of Calabar, Cross River State, Nigeria.
The Nigerian Beverage Industry will continue to experience growth amid uncertainties in the economy.
The economy is beset by a host of macro-economic headwinds, from drop in oil price to devaluation of the naira, rising inflation, a weakened consumer confidence and an insurgency in the North of the country that is going into its seventh year. With that said, we still feel that the beverage industry has a bright prospect. Some sectors will fair better than others.
