NIGERIA POLYETHYLENE TEREPHTHALATE (PET) MARKET

Nigeria Polyethylene Terephthalate (PET) market is estimated to grow at a solid CAGR of 8.5% between 2025-2032 owing to the rising consumer spending and growing need for bottled water.

Major Market Drivers and Emerging Trends

The growing consumer spending alongside urban growth in Nigeria are driving a higher demand for easier shopping experiences including for food and beverage products which drive demand for PET plastic used in packaging. Nigeria is home to 234 million people which makes it the most populous country in Africa and leads the continent in GDP size. The USDA highlights that household expenditure in Nigeria on food and beverages is predicted to increase each year which contributes to the higher demand for PET plastic.

The other factor supporting Nigeria Polyethylene Terephthalate (PET) market size growth is the surge in bottled water demand. With consumers in the country favoring healthier options along with urbanization on the rise, the need for PET bottles is increasing as people seek out products with high quality. The need for bottled water in the country remains strong due to limited access to clean drinking water along with the hot climate. Access to clean drinking water is still unavailable to many households in rural and urban regions. Even though unit prices have risen considerably due to higher manufacturing costs, the need for bottled water in the country persists driven by the sweltering heat and limited access to piped water supply. Given the continuous and increasing trend of long traffic delays in major cities, the need for packaged water for convenient consumption is also critical for the growing population.

The food sector in Nigeria is also rapidly expanding propelled by an increasing population and greater demand for food which further boosts market growth. A report from IMF reveals that in 2023 consumers in the country allocated around USD 649 million to hotels and restaurants. The National Bureau of Statistics also shows that the average people in Nigeria spends around 55% of their financial income on food. The increase in agrifood startups in the country further provides growth prospects for PET packaging companies which highlights the demand for sustainable and affordable solutions.

Based on type, the market can be segmented into virgin and recycled. Plastic product manufacturing companies primarily use virgin plastics with every water bottle and soda in Nigeria being made from raw materials. Others use a mix of recycled materials with PET among the most widely recycled plastics. The National Bureau of Statistics reports that the plastic waste subjected to recycling in Nigeria is fewer than 10% with the majority ending up in water sources and landfills. Nigeria is one of the top ten global plastic waste contributors and desperately needs an efficient waste management especially for recycling plastics. Its commitment is vital to realizing full circularity in 2060 especially by incorporating recycled PET into a wide range of products.

Based on application, the PET market in Nigeria is led by packaging. PET packaging is chosen for its ability to reduce waste through full recyclability while its lightweight design lowers transportation expenses and lessens landfill accumulation. PET packaging is especially beneficial in minimizing food waste which is a critical issue as it significantly contributes to methane emissions and greenhouse gases in landfills. PET is also widely used for household and personal care product packaging. The rise in urbanization and growing consumer spending can lead to higher demand for daily necessities which further foster the need for PET.

The construction segment is also experiencing growth driven by the growing need for durable and lightweight plastic materials in building applications. The growing market demand is propelled by efforts to improve material performance and lower construction expenses. Advancements in plastic production technologies coupled with the growing use of construction plastics in major projects are contributing to market growth.

Top Market Players

Several key players within the market are PrimePak Industries, Flexipack Plastics, Quantum Plastic Nigeria, Bestaf Holdings, among others.

Key Developments

• • In 2023, Nestle Nigeria committed to environmental sustainability by rolling out new bottles composed of 50% recycled PET. This decision effectively decreases its reliance on virgin plastics for packaging by fifty percent which is a major achievement in the company’s quest for zero plastic waste.
  • In 2023, a Chinese supplier of polyester chips for bottling Wankai New Materials planned to establish a joint venture facility in Nigeria to cater to local market demands. The new facility situated in Ogun State will be capable of producing 300,000 tons PET chips for bottle use annually.

Segments covered in the Report:

The Nigeria Polyethylene Terephthalate (PET) Market has been segmented on the basis of Type and Application. Based on the Type, the market is segmented into Virgin and Recycled. Based on the Application, the market is segmented into Packaging, Automotive, Construction, Medical, and Others.

Market Segmentation

Nigeria Polyethylene Terephthalate (PET) Market by Type

• • Virgin
  • Recycled

Nigeria Polyethylene Terephthalate (PET) Market by Application

• • Packaging
  • Automotive
  • Construction
  • Medical
  • Others

Nigeria Polyethylene Terephthalate (PET) Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • PrimePak Industries
  • Flexipack Plastics
  • Quantum Plastic Nigeria
  • Bestaf Holdings