The market for pelagic fish feed in Nigeria showed fluctuations from 2014 to 2023. The actual values indicate a peak in 2015 and a decline in the following years, stabilizing from 2018 onwards. In 2023, the value stood at 80.07 Thousand Metric Tons, with a year-on-year increase of 0.29% and an average yearly growth (CAGR) of 0.47% over the last 5 years. The period from 2014 to 2023 displayed significant variability with notable growth in 2015, followed by declines and stability in subsequent years.
Future trends indicate a moderate growth rate, with the forecasted 5-year CAGR until 2028 at 0.21% and an overall growth rate of 1.03%. Monitoring demand for aquaculture products, advancements in feed technology, and government regulations will be crucial for predicting future market dynamics.
