Nigerian whisky market projected to hit $83m by 2024

Amidst double-digit inflation and the rise in the exchange rate, a new report by Williams & Marshall Strategy, a renowned global market research company, says the Nigerian whisky market is projected to reach $83.85 million in 2024.

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

The report indicated that in global comparison, the most revenue is generated in the United States, with a market value of US$18.57 billion in 2023.

The estimates also suggest that the Nigerian whisky market volume is expected to amount to 9.89 million litres by 2027, just as The Macallan, a key player in the global premium single malt scotch whiskies field, will claim a large piece of that figure.

Whisky trends

The report states that the leading trends in the global whisky category are the ‘premiumisation’ and expansion of the whisky segment.

“Although price remains the key purchase criterion, the global whiskey market has witnessed a powerful trend of premiumisation, supported by consumers’ immense openness to innovation and the increasing popularity of mixology. The desire for premium experiences and drinks of a niche variety explains the rising trend among wealthier consumers,” the report reads.

Nigeria, known for its vibrant and diverse culture, has witnessed a remarkable evolution in its alcoholic beverage preferences.

From the classic allure of gin to the sophistication of filtered spirits, cognac, and now whisky, Nigeria’s journey in alcohol consumption reflects a fascinating tale of changing trends and evolving palates.

To this end, the report states that one trend that has gained traction in Nigeria is the growing popularity of wine.

“Traditionally associated with European cultures, palm wine has found a special place in the hearts of Nigerian consumers.

“With many options now available, ranging from elegant reds to crisp whites and fruity rosés, Nigerians have embraced the sophistication and versatility of wine.

“Wine bars and festivals have emerged across the country, providing a platform for enthusiasts to discover and savour a diverse selection of wines from around the world,” it states.

Changing landscape

As the country’s alcohol landscape expands, Nigerians have shown an increasing interest in exploring a more comprehensive range of spirits.

According to the report, the gradual shift in taste preferences can be attributed to various factors, including globalisation, exposure to international cuisines, and the influence of the digital age.

“With increased connectivity and access to information, Nigerians have become more aware of global trends, including the different ranges of alcoholic beverages available worldwide. This newfound exposure has piqued the curiosity of alcoholic beverage consumers and ignited a desire to explore different tastes and experiences.

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“Additionally, the rise of Nigerian-owned wineries has contributed to the growth of the local wine industry. These wineries not only produce high-quality wines but also showcase the unique characteristics of Nigerian terroir.

Beyond wine, ‘spirits’ have also witnessed a transformation in Nigeria. Whisky has also gained popularity among Nigeria’s elites,” the report adds.

The liqueur statement

According to the report’s findings, Nigerians place a premium on liquor regarding social events.

Among Nigerians, the true measure of success of a party or show of affluence is the availability of spirits and wines, particularly cognac, whisky and champagne.

Pop culture further drives this notion, evidenced by Gen Z musicians who majorly sing about women, cars and alcohol.