The demand for pelagic fish in Nigeria has experienced significant declines over the past decade. From 2014 to 2023, the volume decreased from 1020.0 thousand metric tons to 440.97 thousand metric tons. Notably, the average annual decline (CAGR) over the past five years is -5.99%. In 2023, the demand saw a year-on-year reduction of 6.65% compared to the previous year. Earlier periods recorded drastic declines as well, including a 20.87% drop in 2015 and a 21.85% reduction in 2020.
- The demand in 2023 stood at 440.97 thousand metric tons.
- Given the projected data, the future demand is expected to continue declining, with an anticipated CAGR of -7.41% over the next five years, leading to a reduction of approximately 31.94% by 2028.
Future trends to watch for include potential impacts of economic policies on the fisheries sector, shifts in consumer preferences towards other protein sources, and possible interventions to boost domestic fish production. Monitoring these factors will be crucial for forecasting and adapting to changing market conditions.
