From 2014 to 2023, the freshwater fish market in Nigeria demonstrated a variable trend. The market showed growth until 2019, peaking at 718.5 thousand metric tons, followed by a notable decline in 2020 at 599.69 thousand metric tons due to potential disruptions. A recovery trend is noticeable post-2020, with the volume reaching 734.1 thousand metric tons in 2023. The variations indicate a volatile market period with annual growth fluctuations; for instance, a significant drop of -16.54% in 2020 but recovery with 15.08% in 2021. The 5-year CAGR from 2019 to 2023 is relatively steady at 0.48%.
Looking ahead, forecasts predict a moderate growth trend, with a 5-year CAGR of 0.43% until 2028. This suggests a relatively stable market with potential for steady expansion.
Future trends to watch:
- Impact of climate change on freshwater ecosystems
- Technological advancements in sustainable aquaculture practices
- Government policies and investments in fisheries infrastructure
- Changing consumer preferences and demand for freshwater fish