The forecasted milk gross production in Nigeria shows a consistent upward trajectory from 2024 to 2028. In 2023, the milk production value stood at an estimated 224.55 million USD PPP. From 2024 to 2028, the year-on-year growth rate remains approximately around 0.7%, which reflects a steady increase in milk production. The compound annual growth rate (CAGR) over the five-year forecasted period is estimated to be around 0.7%. This trend indicates a stable and modest growth in the dairy sector.
Future trends to watch for include technological advancements in dairy farming, improvements in supply chain logistics, and government initiatives aimed at boosting local milk production, all of which could potentially accelerate growth. Additionally, fluctuations in global milk prices and domestic demand will be crucial factors to monitor.
