Table Water Production In Nigeria

#business #sme #water #tablewater #nigeria #money #waterislife #waterbusiness

Water is one of the key and probably the most fundamental and indispensable of the natural resources. Water is an essential part of man’s existence, without water there will be no life. Every human consumes water and needs it to carry on the activities of life. Nigeria is a blessed nation with a large population and rich natural resources. Water is abundantly available and there exists a high demand for water by the rising population. Setting up a bottled water production plant in Nigeria is a very good investment and highly lucrative as there exists an opportunity to meet the increasing demand for water and make some profits. In Nigeria today, there exist lots of bottled water producing companies, however, because the demand for water is very high and insatiable there is still space in the market to be penetrated by new companies. The bottled water market already has existing companies and competition, however, there is no threat of new entrants. New companies can easily penetrate the market as there are no entry or exit barriers. There is high demand for clean and pure drinkable water in Nigeria and this demand increases as the population increases. There exists a great profit potential in the bottled water market that’s the reason most top organizations producing soft drinks also venture into producing bottled water. The Association of Table Water Producers of Nigeria (ATWAP) has lamented over the scarcity of foreign exchange to procure raw materials for production, noting that the situation is making it difficult for operators in the water industry since the sector is heavily dependent on importation.

The bottled water market in Nigeria was equal to 1.15 billion USD (calculated in retail prices) in 2015. Until 2025, the water market in Nigeria is forecast to reach 7.52 billion USD (in retail prices), thus increasing at a compound annual growth rate (CAGR of 16.89% ) per annum for the period 2020-2025. This is a decrease, compared to the growth of about 25.19% per year, registered in 2015-2019.

The average consumption per capital in value terms reached 6.53 USD per capital (in retail prices) in 2015. In the next five years, it grew at a compound annual growth rate (CAGR) of 21.95% per annum. In the medium term (by 2025), the indicator is forecast to slow down its growth and increase at a compound annual growth rate CAGR of 13.97% per annum.
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