Brewers record 31.17% increase in alcoholic, non-alcoholic drink consumption in Nigeria
By Zion Rufus
Nigeria’s largest drink producers, Nigerian Breweries, Guinness Nigeria, and International Breweries have recorded a whopping 31.17% increase in sales within the first three months of 2022 as Nigerians spent over N246 billion on alcoholic and nonalcoholic beverages.
Although in 2021, the Federal Government imposed a sugar tax of N10 per litre on all non-alcoholic, carbonated, and sweetened beverages, revenue in Nigeria’s non-alcoholic drinks market is expected to hit US$34.75bn in 2022, and projected to grow annually by 16.54% (CAGR 2022-2026).
The new policy, referred to as ‘Sugar Tax’ was contained in the Finance Act signed into law by President Muhammadu Buhari on December 31, 2021. However, revenue in the alcoholic drinks market which will amount to US$31.76bn, is also expected to grow annually by 11.95% (CAGR 2022-2025) according to market research shared by Statista.
Meanwhile, audited financials of the leading brewers for Q1 2022 submitted to the Nigerian Exchange revealed that Nigerian Breweries whose brands include Heineken, Gulder, Star lager beer, Maltina, Legend Extra Stout; Amstel Malta, Fayrouz, Goldberg, Malta Gold, and Life lager among others accounted for about N137.77 billion of the total amount generated by the three largest brewing companies in Q1 this year, exceeding the N105.67 billion posted in Q1 2021; and with brands like Trophy, Hero, Budweiser, Eagle Stout in its portfolio, International Breweries earned about N57.5 billion in revenue; while Guinness Nigeria recorded N50.3 billion compared to N42.6 billion in the same three months of 2021.
RECOMMENDED ARTICLES
Comment
No comments found.