Based on the provided data, the beef meat slaughtering volume in Nigeria shows a gradual growth trend. From 2013 to 2023, annual figures have oscillated slightly with a few dips, closing at 3.3293 million heads in 2023. The most notable declines occurred in 2016 and 2020 with -3.67% and -4.08% year-on-year decreases respectively. However, positive growth returned thereafter, peaking at 6.5% in 2021. The Compound Annual Growth Rate (CAGR) over the last five years till 2023 was 1.31%.
Future trends to watch for include:
- Continuous growth forecast from 2024 to 2028, averaging an annual increase.
- CAGR projected at 0.87% over the next five years with aggregate growth of 4.44%.
Monitoring economic factors, industry input costs, and consumer demand will be crucial to validate these projections.
