Nigeria Plastic Bottles Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 45.53 Million |
| Market Size (2029) | USD 61.22 Million |
| CAGR (2024 - 2029) | 6.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nigeria Plastic Bottles Market Analysis
The Nigeria Plastic Bottles Market size is estimated at USD 45.53 million in 2024, and is expected to reach USD 61.22 million by 2029, growing at a CAGR of 6.10% during the forecast period (2024-2029). In terms of production volume, the market is expected to grow from 46.13 thousand tonnes in 2024 to 60.51 thousand tonnes by 2029, at a CAGR of 5.58% during the forecast period (2024-2029).
Nigeria, Africa's largest economy, is charting a steady growth trajectory. Projections from the International Monetary Fund (IMF) indicate a 3.3% growth for Nigeria's economy in 2024. The nation's expanding agricultural sector bolsters its economy and drives growth in the packaging industry.
Nigeria, with a population of 218 million, stands as Africa's most populous nation and boasts the continent's largest economy in terms of gross domestic product (GDP). Data from the US Department of Agriculture reveals that household spending on food and beverages in Nigeria is projected to rise by an average of 15.2% annually from 2022 to 2025, fueling market growth.
Shifting consumer preferences toward healthier food and beverage choices and Nigeria's rising urbanization are boosting the demand for plastic bottles. Additionally, USDA notes that discerning consumers in Nigeria are increasingly seeking premium-quality food and beverages, further propelling market growth.
Nigerian manufacturers, such as Bestaf Holdings, produce a diverse array of plastic bottles crafted from PE and PET, which are available in various capacities and colors. Bestaf Holdings emphasizes investing in cutting-edge machinery and adopts a flexible manufacturing approach, ensuring superior customer service.
However, the market faces challenges. Global economic fluctuations lead to volatile prices for plastic resins in Nigeria. This, combined with a growing demand and limited supply, stifles market growth. Rising plastic prices in Nigeria elevate production costs for plastic bottles, further hindering market expansion.
Nigeria Plastic Bottles Market Trends
Polyethylene (PE) Segment is Estimated to Record the Largest Market Share
- Derived from petroleum, polyethylene (PE) is a resilient and chemically resistant plastic, providing an economical packaging solution across various industries. Its inherent durability allows it to endure a range of environmental challenges. PE is primarily divided into three categories, namely high-density polyethylene (HDPE), low-density polyethylene (LDPE), and linear low-density polyethylene (LLDPE).
- In Nigeria, the surging demand for PE in producing plastic bottles, particularly in the beverage, cosmetics, and pharmaceutical industries, is propelling the market's expansion. HDPE and LDPE are increasingly favored for pharmaceutical packaging, including pharmacy bottles. Their appeal lies in attributes like durability, flexibility, robustness, nonreactivity at room temperature, and corrosion resistance, ensuring the protection of diverse medicines.
- Nigerian manufacturers are prioritizing HDPE for chemical packaging and industrial applications, capitalizing on its chemical resistance. The lightweight, cost-effective, and durable nature of HDPE, combined with its moldability into unique shapes, further fuels its market growth in Nigeria.
- As Nigeria's international trade flourishes, so does the demand for plastic packaging. Data from the National Bureau of Statistics (NBS) reveals a significant uptick in trade. As per the data, in 2023, exports surged from USD 4.08 billion in Q1 to USD 7.98 billion in Q4, while imports climbed from USD 3.50 billion to USD 8.87 billion over the same period.
The Beverage Segment to Register Highest Market Share
- Nigeria's food and beverage industries have played pivotal roles in bolstering the nation's economic landscape. The beverage segment, in particular, is poised for growth, fueled by the rising popularity of non-alcoholic drinks such as energy drinks, juices, and carbonated soft drinks, especially among the youth.
- Nature News Africa, a prominent media outlet in Nigeria, highlights that the surging demand for potable water has catalyzed the bottled water market. With over 200 bottled water brands vying for attention, the demand for plastic bottles has surged. Furthermore, due to the government's inconsistent provision of drinkable water, per capita bottled water consumption skyrocketed from under 3 liters in 2011 to over 13 liters in 2022.
- Nigeria's burgeoning retail sector is bolstering beverage sales. Data from the USDA indicates that while online retailing is still in its infancy in Nigeria, urban youth are increasingly turning to mobile payments and delivery apps. This trend significantly boosts sales of non-alcoholic beverages, including juices and energy drinks.
- Nigerian manufacturers such as Bestaf Holdings, Panar Group, and Shan Packaging Limited are producing lightweight and durable PET, PE, and PP bottles tailored for beverages. These manufacturers also offer customization options, ensuring products stand out in the competitive Nigerian market.
- The USDA data reveals that in 2023, Nigeria imported both alcoholic and non-alcoholic beverages from the United States, further fueling market expansion. Notably, the country brought in wine and related products worth USD 4.7 million and dairy products valued at USD 2.15 million.
Nigeria Plastic Bottles Industry Overview
The Nigerian plastic bottles market is consolidated and dominated by key players, including Bestaf Holdings, Shan Packaging Limited, Panar Group, Sacmi Imola S.C and Sacvin Nigeria Limited. These players are solidifying their foothold through strategies such as new product development, partnerships, mergers and acquisitions, and collaborations. Notably, some manufacturers are carving out a competitive advantage by emphasizing the design and production of customized plastic bottles.
- May 2024: Sacmi Imola SC, an Italy-based company with operations in Nigeria, showcased its rigid packaging solutions, such as caps and plastic preforms, at the AgroFood Ethiopia 2024 expo.
Nigeria Plastic Bottles Market Leaders
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Bestaf Holdings
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Panar Group
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Shan Packaging Limited
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Sacvin Nigeria Limited
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Sacmi Imola S.C
*Disclaimer: Major Players sorted in no particular order
Nigeria Plastic Bottles Market News
- July 2024: Propak West Africa opened registration for the 2024 Propak manufacturing exhibition, set to take place in September in Lagos, Nigeria. The exhibition will feature over 250 companies worldwide, all presenting their latest packaging innovations.
- September 2023: SIPA Solutions, an Italy-based company manufacturing plastic solutions, opened a new office in Lagos, Nigeria, marking a significant expansion of its global operations. This strategic move into West Africa is poised to bolster the company's operations. Through this expansion, SIPA seeks to fortify its presence and provide enhanced support to both existing and potential partners in Nigeria.
Nigeria Plastic Bottles Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Popularity of Non-alcoholic Beverages in the Country
5.1.2 Increasing Availability of Wide Range of Plastic Bottles
5.2 Market Challenge
5.2.1 Volatile Cost of Plastic to Hamper the Market Growth
6. INDUSTRY REGULATION, POLICY AND STANDARDS
7. MARKET SEGMENTATION
7.1 By Resin
7.1.1 Polyethylene (PE)
7.1.2 Polyethylene Terephthalate (PET)
7.1.3 Polypropylene (PP)
7.1.4 Other Resins
7.2 By End-use Industries
7.2.1 Food
7.2.2 Beverage
7.2.2.1 Bottled Water
7.2.2.2 Carbonated Soft Drinks
7.2.2.3 Alcoholic Beverages
7.2.2.4 Juices and Energy Drinks
7.2.2.5 Other Beverages (Powdered and Dairy-based Beverages)
7.2.3 Pharmaceuticals
7.2.4 Personal Care and Toiletries
7.2.5 Industrial
7.2.6 Household Chemicals
7.2.7 Paints and Coatings
7.2.8 Other End-use Industries
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles*
8.1.1 Bestaf Holdings
8.1.2 Shan Packaging Limited
8.1.3 Geeta Plastic Products Nigeria Ltd
8.1.4 Panar Group
8.1.5 Ok Plast Nigeria Ltd
8.1.6 Sacvin Nigeria Limited
8.1.7 Veritas Plastic Limited
8.1.8 Sacmi Imola SC
8.2 Heat Map Analysis
8.3 Competitor Analysis - Emerging Vs Established Players
9. RECYCLING AND SUSTAINABILITY LANDSCAPE**
10. FUTURE OUTLOOK
Nigeria Plastic Bottles Industry Segmentation
The scope of the study characterizes the plastic bottles market based on the raw materials of the product, such as PP, PE, PET, and other raw materials, used across various end-use industries such as food, pharmaceuticals, beverages, cosmetics, and toiletries. The research also examines underlying growth influencers and significant industry vendors, all of which help to support market estimates and growth rates throughout the anticipated period. The market estimates and projections are based on the base year factors and arrived at top-down and bottom-up approaches.
The Nigerian plastic bottles market is segmented by resin (polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), and other resins) and end-use industries (food, beverage [bottled water, carbonated soft drinks, alcoholic beverages, juices and energy drinks and other beverages (powdered and dairy-based beverages)], pharmaceuticals, personal care and toiletries, household chemicals, paints and coatings, and other end-use industries). The market sizes and forecasts are provided in terms of value (USD) and volume (tonnes) for all the above segments.
| By Resin | |
| Polyethylene (PE) | |
| Polyethylene Terephthalate (PET) | |
| Polypropylene (PP) | |
| Other Resins |
| By End-use Industries | |||||||
| Food | |||||||
| |||||||
| Pharmaceuticals | |||||||
| Personal Care and Toiletries | |||||||
| Industrial | |||||||
| Household Chemicals | |||||||
| Paints and Coatings | |||||||
| Other End-use Industries |
Nigeria Plastic Bottles Market Research FAQs
How big is the Nigeria Plastic Bottles Market?
The Nigeria Plastic Bottles Market size is expected to reach USD 45.53 million in 2024 and grow at a CAGR of 6.10% to reach USD 61.22 million by 2029.
What is the current Nigeria Plastic Bottles Market size?
In 2024, the Nigeria Plastic Bottles Market size is expected to reach USD 45.53 million.
Who are the key players in Nigeria Plastic Bottles Market?
Bestaf Holdings, Panar Group, Shan Packaging Limited, Sacvin Nigeria Limited and Sacmi Imola S.C are the major companies operating in the Nigeria Plastic Bottles Market.
What years does this Nigeria Plastic Bottles Market cover, and what was the market size in 2023?
In 2023, the Nigeria Plastic Bottles Market size was estimated at USD 42.75 million. The report covers the Nigeria Plastic Bottles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nigeria Plastic Bottles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nigeria Plastic Bottles Industry Report
Statistics for the 2024 Nigeria Plastic Bottles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nigeria Plastic Bottles analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
