The consumption level of most Nigerians, especially for beverages and allied products, is expected to rise substantially by the year 2019.
Making this projection at a public forum in Lagos was Dominique Martin, Regional Commercial Director of Africa at Sidel.
According to Martin, “Both Nigeria and Ghana in recent years have proven to be fast-growing markets in the beverage industry. Nigeria’s market today is at 27.2 billion liters with water leading future volume increase, with a Compound Annual Growth Rate (CAGR) of 11.1 per cent, and an expected annual growth rate of the beverage industry of 10.8 per cent by 2019. On the other hand, Ghana’s market stands at 675 million liters with CSD and bottled water leading future volume increase.
“With the packaging industry gaining momentum in Nigeria and other neighboring countries, Sub-Saharan market has grown to become a very competitive market place with a strong consumer demand on value-added beverage products. With Nigeria being one of Africa’s most important economies with a huge population that is growing at a tremendous rate, innovation and technology are key to gaining that competitive edge.”