Nigeria has a population of over 200 million, making it the most populous country in Africa. With such a huge population, there is an ever-increasing demand for potable water. Mineral water is one of the most popular drinks in Nigeria, and it is consumed on a large scale by people of all ages. In this article, we will discuss the address of the mineral water market in Nigeria, the production and sales of mineral water, the analysis of the sales volume of the water market, the customer group of the audience, the level of mineral water, and the risks of doing this market.
Address of the Mineral Water Market in Nigeria
The mineral water market in Nigeria is a rapidly growing industry. With a population of over 200 million, there is a huge demand for potable water. The market is highly competitive, with many brands vying for customers’ attention. The mineral water market is also highly regulated, with government agencies setting standards for the production and sale of mineral water.
Production and Sales of Mineral Water
Mineral water production in Nigeria is a relatively new industry, with most of the production happening in the past decade. The major producers of mineral water in Nigeria include Nestle, Coca-Cola, and PepsiCo. These companies produce their mineral water brands and distribute them across the country. The sales of mineral water are also on the rise, with more people becoming health-conscious and seeking healthier alternatives to sugary drinks.
Analysis of the Sales Volume of the Water Market
The sales volume of the mineral water market in Nigeria is on the rise. According to a report by Euromonitor International, the sales volume of bottled water in Nigeria increased by 22% in 2020. The report also stated that the market for bottled water in Nigeria is expected to grow at a CAGR of 6.9% between 2021 and 2025. This growth is driven by an increase in the population, urbanization, and the growing middle class.
Customer Group of the Audience
The customer group for mineral water in Nigeria is diverse. It includes people of all ages and socio-economic backgrounds. However, the major customer group is the middle class, which is growing rapidly in Nigeria. This group is health-conscious and seeks healthier alternatives to sugary drinks. The customer group also includes athletes, sports enthusiasts, and people who lead active lifestyles.
Level of Mineral Water
The level of mineral water in Nigeria varies from brand to brand. The Nigerian government has set standards for the production and sale of mineral water, and all brands must adhere to these standards. The mineral water must meet the standards set by the National Agency for Food and Drug Administration and Control (NAFDAC). These standards ensure that the mineral water is safe for consumption.
Risks of Doing this Market
Like any other market, the mineral water market in Nigeria has its risks. The major risks include regulatory risks, operational risks, and market risks. The regulatory risks include compliance with the standards set by the government. The operational risks include quality control, logistics, and supply chain management. The market risks include competition from other brands and changing customer preferences.
Conclusion
The mineral water market in Nigeria is a rapidly growing industry. With a growing population, urbanization, and a growing middle class, the demand for potable water is on the rise. The major producers of mineral water in Nigeria include Nestle, Coca-Cola, and PepsiCo. The customer group for mineral water in Nigeria is diverse, and the major customer group is the growing middle class. The level of mineral water in Nigeria varies from brand to brand, but all brands must adhere to the standards set by the Nigerian government. Like any other market, the mineral water market in Nigeria has its risks, but the potential rewards make it a lucrative market to invest in.
