The demand for raw animal fats in Nigeria has experienced a slight decline from 2023 to the forecasted data in 2028. In 2023, the demand stood at 37.0 thousand metric tons. Observing the year-on-year percentage variations, there was a -0.11% decrease in 2024, followed by -0.10% in 2025, -0.11% in 2026, -0.14% in 2027, and -0.11% in 2028. This results in a compound annual growth rate (CAGR) of -0.11% over the five-year period.
Future trends to watch for include changes in consumer preferences towards plant-based fats, potential economic fluctuations, and the impact of regional agricultural policies. Monitoring these factors will be critical in forecasting the demand for raw animal fats in subsequent years.
