Millet feed in Nigeria has seen fluctuations over the past decade with a notable spike in 2018, a subsequent decline, and a general upward trend. In 2023, the volume stood at 110.0 Thousand Metric Tons, marking a 1.85% year-on-year increase. Over the last five years, the average annual growth rate was about 0.74%, reflecting a slower-paced rise compared to the previous years, particularly 2018. Moving forward to 2024, the forecasted data points to a gradual increase, with a CAGR of approximately 1.54% and a 5-year forecasted growth rate of 7.96% till 2028.
Future trends to watch for:
- Potential impacts of climate change on crop yields and feed availability.
- Government policies supporting agriculture and local feed production.
- Innovation in agricultural technology and practices boosting productivity.
- Market demand shifts driven by changes in livestock industry dynamics.
