Q1 2022: Nigeria’s Drink Consumption Hits N246bn, As IB Plc Leapfrogs Guinness As Second Largest Manufacturer

A recent report has shown that Nigerians consumed N245.61 billion of soft and alcoholic drinks from the country’s major brewing companies in Q1 of 2022.

The new report saw an increase of 31.7% in spending on alcoholic and non-alcoholic drinks from what was recorded in Q1 of 2021.

According to an analysis of the Q1 2022 financials of the three largest drink producers; Nigerian Breweries, International Breweries, and Guinness Nigeria, consumers increased their spending limit by N58.36 billion.

At the end of the Q1 period for 2022, it was revealed that International Breweries leapfrogged Guinness Nigeria in the industry’s revenue share, as the former posted N57.52 billion, while the latter recorded N50.32 billion.

During the corresponding period of Q1 2021, Guinness Nigeria had generated N42.60 billion, higher than the N38.96 billion International Breweries grossed within the same period.

While Nigerian Breweries maintained its grip over the market, accounting for N137.77 billion of the total amounts generated by the three largest brewing companies in Q1 this year, surpassing the N105.67 billion posted in Q1 2021.

In Q1 2021, brewers generated N187.24 billion from sales of their products, after spending N127.24 billion on the bottles. However, during the quarter of this year, the cost of producing bottles was N142.53 billion.

At the end of the Q1 period for 2022, Nigerian Breweries accounted for N137.77 billion of the total amount generated by the three largest brewing companies, surpassing the N105.67 billion posted in Q1 2021.