Nigeria: Liqueurs and Cordials Market and the Impact of COVID-19 on It in the Medium Term
The liqueurs and other spirits market in Nigeria was equal to 27.00 million USD (calculated in retail prices) in 2015. Until 2025, the spirits market in Nigeria is forecast to reach 81.07 million USD (in retail prices), thus increasing at a CAGR of 11.05% per annum for the period 2020-2025. This is a decrease, compared to the growth of about 12.34% per year, registered in 2015-2019.
The average consumption per capita in value terms reached 0.15 USD per capita (in retail prices) in 2015. In the next five years, it grew at a CAGR of 10.05% per annum. In the medium term (by 2025), the indicator is forecast to slow down its growth and increase at a CAGR of 8.29% per annum.
The popularity of cocktail culture over the last few years, coupled with the constant desire for new and unique flavors has been driving the use of liqueurs and cordials in diverse cocktails, thus stimulating the category’s development. Due to the growing search for new taste experiences, consumers and especially millennials are increasingly opting for cordials and liqueurs with their versatile character. There is a diversity of liqueurs and cordials, including flavored with fruit, flowers, spices, nuts, herbal concoctions, cream liqueurs, among others. As a matter of fact, cream liqueurs are growing in popularity, mainly due to the craft distillers, which are introducing new artisanal liqueurs with intriguing flavors such as maple and Indian spices. At the same time, consumer preference towards low and non-alcohol beverages is another recent shift, which has impacted the overall development of not only liqueurs and cordials category, but also the entire alcoholic beverages market.
Digital marketing and social media, in particular, is of huge significance for the success of most of the brands, as it gives companies a direct line to customers. Companies within the sector are increasingly using social media to create campaigns, educate consumers and more. In addition, the cocktail trend is partially driven by the social media, because cocktails look far more appealing, posted on the social media, especially those made with colorful liqueurs, than just a glass of pure alcohol or a shot. In such a way, Aperol became one of the fastest growing liqueurs, which is especially popular in Germany, Italy and Austria. In fact, the colorful drink has experienced a huge growth, amounting to 19.5% in the second quarter of 2019 and driven mainly by demand from younger drinkers.
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This report presents a strategic analysis of the Nigerian liqueurs and cordials market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it. It provides a comprehensive overview of the market volume and value, dynamics, segmentation, characteristics, main players, prices, international trade, trends and insights, growth and demand drivers, challenges, etc. This is one of the most comprehensive reports about the Nigerian liqueurs and cordials market, offering unmatched value, accuracy and expert insights.
The purpose of the report is to describe the state of the Nigerian liqueurs and cordials market and to present real and expert-verified information about the volumes, values, dynamics, segmentation and characteristics of consumption, prices, imports, and exports. The report also presents a forecast for the market development in the short and medium term and the impact COVID-19 has and will have on it. In addition, the report presents an elaborate analysis of the main market participants, industry trends and insights, growth and demand drivers and challenges and all other factors, influencing the market development.
Questions This Report Answers
The report on the Nigerian liqueurs and cordials market covers:
• Market volume, value and dynamics for the last five years;
• Analysis of the factors, influencing the market development (market trends and insights, drivers and challenges) and the impact COVID-19 has and will have on the market in both the short and the medium term;
• Value chain analysis and structure of price formation;
• Analysis of retail price levels and their dynamics for the last five years;
• Analysis of the major international trade flows;
• Volume, value, dynamics, and analysis of imports for the last five years;
• Volume, value, dynamics, and analysis of exports for the last five years;
• Volume and dynamics of the average import and export prices for the last five years;
• Volume, value, dynamics, and analysis of per capita consumption for the last five years;
• Forecast for market development in the medium term;
• Characteristics of the main players on the market;
• Analysis of the competitive landscape;
• Importance of the HoReCa channel (on-trade vs. off-trade consumption);
• Market shares of the main market players;
• Distribution channels for retail sales;
• Five Forces analysis;
• Analysis and forecast for the global economy and demographics.
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With the help of this report you can:
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• Track and identify key market trends and insights and key drivers behind recent market changes and see the impact COVID-19 has and will have on the market in both the short and the medium term;
• Strategically assess growth potential, opportunities, demand drivers and challenges on the market;
• Strategically assess the importance of the HoReCa channel on the market;
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Who Is This Report for?
This report is for people who already are actively working on this market, representatives of producers, distributors, importers, exporters, wholesalers, retailers, suppliers:
• Industry C Level executives;
• Industry strategists;
• Marketing professionals;
• Business development professionals;
• Product developers;
• Product marketers and strategists;
• Product managers;
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This research report has been prepared using the proven WMStrategy’s methodology, including a blend of qualitative and quantitative data. The information comes from official sources and insights from market experts (representatives of the main market participants), gathered by semi-structured interviews. For this particular report, more than 10 market expert interviews have been conducted with experts from the leading market companies (producers, distributors, retailers, suppliers, etc.). The full list of interviewed experts and a detailed methodology are available upon request.
This report covers the following product groups:
• Liqueurs and cordials (including alcopops, korn, liqueurs, ouzo, tequila, ready-to-drink cocktails; excluding beer, whiskey, vodka, rum, gin, liqueurs and cordials, wine, sparkling wine, fortified wine, cider, perry or rice wine).
This is the most valuable, detailed (COVID-19 updated) and comprehensive report about the Nigerian liqueurs and cordials market currently available! We also offer similar reports, covering every global country and region separately and offer special terms for bundle purchases. So, if you are interested in the Nigerian liqueurs and cordials market, this research report will provide you with reliable, expert-verified and real market data you can safely and confidently base your decisions on. In a quick and hassle-free way, it will provide you with a strategic analysis of the market, its recent and future development. In addition, this solution will save you time and money while presenting you all the necessary information, empowering you to make informed commercial decisions and move your business forward!
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