The demand for poultry meat in Nigeria witnessed a significant drop between 2014 and 2015, shown by the 21.12% decline. Although there were minor fluctuations, the overall trend in recent years indicates a steady decrease. From 2018 onwards, the data reflects a consistent downward trajectory with a notable 18.2% reduction in 2020. As of 2023, poultry meat demand stands at 196 thousand metric tons, having decreased by 1.51% from 2022. The compound annual growth rate (CAGR) over the last five years (2018-2023) is -1.46%.
Future trends to watch for include potential impacts of economic changes, supply chain disruptions, and evolving consumer preferences. The forecasted CAGR of -1.15% through 2028 suggests a continued decline; however, emerging market dynamics or policy shifts could alter this trajectory.
Key points to consider:
- Significant decline of 21.12% in 2015.
- 18.2% drop in 2020 due to adverse factors.
- 2018-2023 CAGR of -1.46%.
- Forecasted continuation of declining trend with -1.15% CAGR through 2028.
