Nigeria’s beer market revenue to hit $5.31bn in 2023 – report
Revenue in the Nigerian beer segment will amount to USD5.31bn in 2023, according to a report by Statista. The report also stated that the market is expected to grow annually by 11.90% (CAGR 2023-2027).
In global comparison, most revenue will be generated in China (US$125.60bn in 2023). In relation to total population figures, per person revenues of US$23.90 will be generated in 2023.
The report further stated that, by 2027, 2% of spending and 2% of volume consumption in the beer segment will be attributable to out-of-home consumption (e.g., in bars and restaurants).
“In the Beer segment, volume is expected to amount to 2,075.6ML by 2027. The market for the beer segment is expected to show a volume growth of 2.4% in 2024. The average volume per person in the Beer segment is expected to amount to 8.52 L in 2023,” the report revealed.
Going by analyst opinion, beer is the most important segment in the global Alcoholic Drinks market, both by volume and value. In comparison to other segments of the Alcoholic Drinks market, this segment is already quite concentrated, with the top 5 players accounting for roughly 60% of global volume – half of which is attributable to market leader AB InBev alone.
Beer encompasses fermented beverages made from malt, hops, and water. Also included in the report is non-alcoholic beer with a maximum alcohol content of 0.5% alcohol by volume (ABV).
The Beer segment is divided into 2 sub-segments: Alcoholic Beer (minimum alcohol content: 0.5% ABV) and Non-Alcoholic Beer (maximum alcohol content: 0.5% ABV).
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