The beef meat market in Nigeria has experienced significant fluctuations from 2014 to 2023. In 2023, the market size stood at 336 thousand metric tons, a slight decline of 1.47% from the previous year. Over the past five years, the market has witnessed a compound annual growth rate (CAGR) of -2.94%. This downturn is a continuation of the erratic trends seen since 2014, including a sharp 25.62% drop in 2016 and a notable rebound of 29.57% in 2018. The forecast for the next five years indicates a slower decline with a projected CAGR of -1.25% by 2028, equating to an overall decrease of 6.12%.
Future trends to watch for:
- Impact of economic policies on livestock farming.
- Changes in consumer preferences and dietary trends.
- Improvements in supply chain and meat processing infrastructure.
- Potential effects of climate change on cattle farming.