Nigeria Is The Second Fastest Market For Champagne

Nigeria spends an average of N41.41 billion on champagne yearly, according to a report by Euromonitor International.

The report indicates that Nigeria is the second fastest growing market in the world for champagne, noting that between 2006 and 2011, it achieved a compound annual growth of 22 percent.

Total champagne consumption reached 752,879 bottles (75cl) in 2011, higher than consumption in Russia and Mexico; therefore, placing Nigeria among the top 20 champagne markets in the world.

In 2010, Nigeria consumed about 593,000 bottles, the highest consumption in Africa. The closest to this figure was South Africa, another country that has been identified as an emerging market for luxury goods, in addition to Nigeria. South Africa’s champagne consumption was 384,000 bottles in 2010.

“Nigerian champagne consumption is quite big,’’ says Charles Armand de Belenet, global marketing and communications director, at Pernod’s GH Mumm and Perrier Jouet Champagne brands, saying “we are building our network here and it is one of the most attractive places for us at the moment.”

It took the European markets by surprise that Nigeria could rank that high in global champagne consumption. Looking at the list of the markets expected to post the strongest gains in total champagne volumes over 2011-2016, France tops the list followed by United Kingdom. Brazil and China are not missing out so are the United States and the upbeat Australian market.

“However, what did come as a surprise was Nigeria’s second place in these global rankings,” says Spiros Malandrakis, senior alcoholic drinks analyst at Euromonitor International, in a keynote presentation at the 2012 Champagne Assembly held in London.

“And the audience’s disbelief was palpable. No-one challenged the data directly and yet many seemed to politely take it with a grain of salt - if only in the light of the dominant, overoptimistic analytical perspective that sees the European debt-crisis saga coming to a happy ending by the end of 2012. Why bother with Nigeria anyway if Europe was about to start popping bottles again in the immediate future?” he says.

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