The food and beverage industry is a segment in the consumer industry which has an oligopolistic market structure. The beverage market is largely dominated by the by the beer and carbonated drinks, processed juice, spirit, wine and ready-to-drink beverages.
§As of 2016, Nigeria ranked 4th in soft drinks consumption globally, with 38.68 million litres and 1.98 million litres of non-alcoholic and alcoholic beverage sold in the country. §According to Nigeria Bureau of Statistics, Food, Beverage and Tobacco grew by 2.69% in Q4 2019 and 2.22% in 2019. §Generally, the soft drink market is experiencing a robust growth in sales value and volume because of the increasing population and improved marketing strategies. §This sector create about 1.5 million jobs and comprises 22.5% of the manufacturing industry. §There are over 100 brands bottled and manufactured by 15 companies, of which two-third are indigenous. §88% of Nigeria’s top food and beverage companies are headquartered in Lagos State, and Ogun State and Oyo State. §Foreign investment is largest in the beverage segment while the food segment is dominated imported packaged foods and domestic emergence of processing and packaging of local foods.