‘Food, consumer goods market can hit $40b through packaging sector’

With almost 50 per cent of the population living in urban areas and a new generation of consumers driving Gross Domestic Product (GDP) growth, experts at Dow’s Packaging and Specialty Plastics (P&SP) believe that Nigeria remains a key market for the packaging industry.

Precisely, the experts note that the nation’s food and consumer goods market will grow by $40 billion as consumers continue to require packaging which provides enhanced functionality, versatility and safety for value-added goods.

Speaking at a customers’ forum in Lagos, Dow’s experts in a statement, noted that the packaging industry has a potential to contribute to the nation’s GDP, which is expected to reach $294 billion by 2020, up from $178 billion in 2012.

Unveiling some of its solutions to the Nigerian market, Dow’s Packaging explained that customers throughout the value chain, from converters to brand owners, are increasingly seeking innovative solutions to meet the growing demands of changing consumer preferences.

Managing Director Dow West Africa, Tony Groosman, said: “In growth regions like West Africa, it is events like these that provide ideal platforms to encourage and strengthen dialogue with customers, to ultimately further understand market needs and explore new ways in which we can collaborate and capture more opportunities together. It also allows us to further demonstrate our commitment to West Africa and the importance of this growth region for Dow”.

Sales Director, Dow Packaging and Specialty Plastics in the Middle East, Africa and Turkey, Sami Mainich, added: “Lifestyles are changing due to a globalized economy, increased urbanization, population growth, affluence and mobility. Today, consumers require packaging which provides enhanced functionality, versatility and safety.