In 2023, the per capita consumption of animal fats in Nigeria was measured at 0.22 kilograms. Forecasted data indicates a gradual decline over the next five years:
- 2024: 0.21
- 2025: 0.21
- 2026: 0.20
- 2027: 0.20
- 2028: 0.19
From 2023 to 2024, there is a year-on-year decrease of approximately 4.5%. This trend stabilizes in 2025, with no variation from 2024. However, from 2025 to 2026, and subsequently from 2026 to 2027, the consumption again declines by around 4.8% each year. The cumulative average growth rate (CAGR) over the forecasted five-year period reflects a slight downward trend, indicating an average reduction of roughly 2.8% per annum from 2023 to 2028.
Future trends to watch for include potential shifts in consumer preferences towards plant-based oils and fats due to health or sustainability concerns. Additionally, economic factors and market accessibility could influence animal fat consumption levels in Nigeria.
