Mordor Intelligence has projected that Nigeria’s packaging market size is growing rapidly with viability for more market penetration and expansion. It posted its previous growth at the value of USD0.86 billion in 2023 with an expectation to grow at USD1 billion by 2028, at a CAGR of 2.96%, which will last throughout the forecast period (2023-2028).

In its further statistics from the German Machinery Association, it revealed that in March 2022, Nigeria invested EUR 390 million (USD 410.11 million) in food and packaging technologies, surpassing South Africa, Algeria, and Morocco to become the continent’s second-largest investor in the field behind Egypt. Nigeria also overtook South Africa as the continent’s top importer of plastics technology. The packaging market in the nation is anticipated to increase positively as a result of these potential prospects.

The platform also reported that from January to June 2022, the top four breweries in Nigeria, including Nigerian Breweries, Guinness Nigeria, International Breweries, and Champion Brew generated a combined NGN 599.11 billion (USD 1.37 billion). This statistical revelation placed these companies as top users leading in the market.

Enumerating some of the stimulators influencing the market, the analysis pointed to several factors such as the high surge in the ecommerce space which is mostly occupied by the Gen Zs, consumer spending and growing technology penetration.
The report noted the need to mitigate some of the challenges retarding the growth of packaging. Attention was drawn to challenges such as non-availability of raw materials which has continued to hamper the growth of the segment.

On the other hand, the research body indicated positively the remarkable impact made by COVID-19 pandemic in boosting online marketplace consumption growth while inducing a notable shift in consumer habits, as well as the Russia-Ukraine war.
It affirmed that the market players are forming strategic partnerships and collaborations to attract maximum market share in a developing economy as a survival tactic, especially for the fact that the landscape of the Nigerian Packaging Industry is both competitive and fragmented.

Here are some of the top players in the Nigeria packaging business terrain in recent times: Avon Crowncaps, Containers Nigeria Limited, Greif Inc. Nampak Ltd. Beta Glass Plc, Primepak Nigeria Limited, JFT Packaging Managers Ltd, Shongai Technologies Ltd and several others who are also making waves in that space.