The demand for crustaceans in Nigeria has shown a significant upward trend from 2014 to 2023, with actual values increasing from 22.74 thousand metric tons in 2014 to 66.93 thousand metric tons in 2023. The rapid growth was particularly notable in 2017, when the demand more than doubled. Recent years have seen a steadier increase, with year-on-year growth of 3.99% in 2023 and a Compound Annual Growth Rate (CAGR) of 3.9% over the last five years.
Looking ahead, the forecast indicates continued growth in demand, reaching 80.22 thousand metric tons by 2028. The forecasted CAGR for the next five years is 2.9%, reflecting a more moderate yet consistent increase. Key factors to watch include economic conditions, domestic production capacity, and regulatory changes impacting the fisheries sector.
