Nigeria with a population of 200 million people is one of the biggest markets for beverages; production and consumption in Africa, this places an enormous responsibility on stakeholders to continually drive growth of the sector while it creates products that meets consumer preference, standards, with sustainability lens. Nigeria's post-pandemic era has brought about the need to celebrate life more and live it to the fullest with the return of social gatherings. Consumers are increasingly looking for products with ingredients that give them a great taste, a great experience and promote wellness; they favor labels that read "fortified with vitamins" or "less sugar." Beverage production companies are beginning to focus more on products that captures these requirements; statistics show that Nigerians spent over a billion dollars on beverages such as alcoholic and non-alcoholic drinks in the first half of 2022.  
 
Despite the dip in purchasing power and hyperinflation, the drink industry, both alcoholic and non-alcoholic beverage makers, reported double-digit growth in their revenues as Nigerians consumed their products despite declining purchasing power. A recent review shows that the total revenue generated from beverages alone stood at N763.9 billion against N587.5 billion reported a year earlier. The 28.5% growth in beverage revenue over the last year indicates how strong demand still is for beverages despite cost pressures arising from taxes and price increases. 
 
At N593.2 billion for the first half of the year alone, the companies are on track to top a trillion in beverage sales this year alone. This result excludes over a dozen larger beverage makers who are not quoted on the Nigerian Exchange; this suggests the actual revenue in the first half of this year will be much higher when added to the revenue generated by the five beverage giants.  The social and economic importance of the beverage industry in Nigeria cannot be overstated, hence the spotlight on beverages and ingredients in this year’s edition of the agrofood and plastprintpack conference.

Session objectives:

This panel session will provide insights on trends and solutions that offer lasting remedies for a more sustainable economy.
 

• How can consumer packaged goods drive the sustainability agenda?
• Practical ways a more consumer-conscious rationale can create a more sustainable product and practice
• Companies are dealing with information insufficiency and how consumers want labels detailing GMOs (genetically modified organisms) in their ingredients/drinks
• Consumer driven production, responsible production and consumption
• Efficient ways organisations can address waste, reduce the product’s overall carbon footprint, and appeal to sustainability-minded consumers