• Wednesday, June 19, 2024
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BusinessDay

Macalan brand enters Nigeria’s $83.85m whisky market

Firm unveils products to tap Nigeria’s $84m whisky market

Macallan, a brand of whisky recently unveiled the M Collection’s 2022 release, an exquisite Scotch whisky valued at N9 million for all three bottles, in the Nigerian whisky market projected to reach $83.85 million in 2024, an 11.8 percent rise between 2019 and 2024, according to Williams & Marshall Strategy (WMStrategy) latest industry report.

The WMStrategy report indicates that the market increased at a compound annual growth rate (CAGR) of 11.80 percent per annum for the period 2019-2024. This is a decrease, compared to the growth of about 15.02 percent per year, registered in 2014-2018.

The average consumption per capita in value terms reached 0.14 USD per capita (in retail prices) in 2014. In the next five years, it grew at a CAGR of 11.96 percent per annum.

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Hammed Adebiyi, brand manager, Edrington Portfolio, Nigeria, stated that the arrival of The Macallan M Collection in Lagos signifies the growing appreciation for premium spirits in Lagos.

According to him, the unveiling served as a celebration of exceptional craftsmanship and a testament to the country’s increasing openness to luxury and refinement.

Adebiyi stated further that the new collection not only amazes with its exceptional whiskies but also captivates with its breathtakingly elegant cases.

He stated that each bottle in the collection is housed in a meticulously crafted and thoughtfully designed presentation case, adding an extra layer of credibility to its luxury.

At the unveiling, guests received a first-hand experience of the luxurious collection while immersing themselves in the sensory ambience of artworks and whisky.