Market Size of Nigeria Plastic Bottles Industry
| 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.
