Nigerian whisky market projected to hit $83m by 2024

Amidst double-digit inflation and the rise within the alternate fee, a brand new report by Williams & Marshall Technique, a famend international market analysis firm, says the Nigerian whisky market is projected to achieve $83.85 million in 2024.

The report states that the market will develop yearly by 11.80 per cent between 2019 and 2024.

The report indicated that in international comparability, essentially the most income is generated in the US, with a market worth of US$18.57 billion in 2023.

The estimates additionally counsel that the Nigerian whisky market quantity is predicted to quantity to 9.89 million litres by 2027, simply as The Macallan, a key participant within the international premium single malt scotch whiskies subject, will declare a big piece of that determine.

Whisky tendencies

The report states that the main tendencies within the international whisky class are the ‘premiumisation’ and growth of the whisky phase.

“Though value stays the important thing buy criterion, the worldwide whiskey market has witnessed a strong pattern of premiumisation, supported by shoppers’ immense openness to innovation and the growing reputation of mixology. The will for premium experiences and drinks of a distinct segment selection explains the rising pattern amongst wealthier shoppers,” the report reads.

Nigeria, recognized for its vibrant and numerous tradition, has witnessed a outstanding evolution in its alcoholic beverage preferences.

From the basic attract of gin to the sophistication of filtered spirits, cognac, and now whisky, Nigeria’s journey in alcohol consumption displays an interesting story of fixing tendencies and evolving palates.

To this finish, the report states that one pattern that has gained traction in Nigeria is the rising reputation of wine.

“Historically related to European cultures, palm wine has discovered a particular place within the hearts of Nigerian shoppers.

“With many choices now obtainable, starting from elegant reds to crisp whites and fruity rosés, Nigerians have embraced the sophistication and flexibility of wine.

“Wine bars and festivals have emerged throughout the nation, offering a platform for lovers to find and savour a various number of wines from all over the world,” it states.

Altering panorama

Because the nation’s alcohol panorama expands, Nigerians have proven an growing curiosity in exploring a extra complete vary of spirits.

In line with the report, the gradual shift in style preferences might be attributed to varied components, together with globalisation, publicity to worldwide cuisines, and the affect of the digital age.

“With elevated connectivity and entry to data, Nigerians have change into extra conscious of world tendencies, together with the totally different ranges of alcoholic drinks obtainable worldwide. This newfound publicity has piqued the curiosity of alcoholic beverage shoppers and ignited a need to discover totally different tastes and experiences.

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“Moreover, the rise of Nigerian-owned wineries has contributed to the expansion of the native wine business. These wineries not solely produce high-quality wines but additionally showcase the distinctive traits of Nigerian terroir.

Past wine, ‘spirits’ have additionally witnessed a metamorphosis in Nigeria. Whisky has additionally gained reputation amongst Nigeria’s elites,” the report provides.

The liqueur assertion

In line with the report’s findings, Nigerians place a premium on liquor concerning social occasions.

Amongst Nigerians, the true measure of success of a celebration or present of affluence is the provision of spirits and wines, notably cognac, whisky and champagne.

Popular culture additional drives this notion, evidenced by Gen Z musicians who majorly sing about ladies, vehicles and alcohol.