The Butter and Ghee market in Nigeria has been experiencing a downward trend from 2014 to 2023, with the market volume decreasing from 21.0 thousand metric tons to 10.0 thousand metric tons, averaging a compounded annual growth rate (CAGR) of -5.11% over the last 5 years. The year-on-year variation sees significant declines, notably in 2015 (-19.05%) and 2020 (-17%), reflecting considerable market volatility.
Looking at future trends, forecasts predict a continued decline in market volume, with a 5-year CAGR of -5.79% from 2024 to 2028. By 2028, the market volume is expected to shrink further to 6.99 thousand metric tons, implying a total decrease of 25.77% over the forecast period.
Future trends to watch for include:
- Shifts in consumer preferences towards healthier alternatives.
- Impact of economic conditions and dairy production stability.
- Potential market impacts from government policies and trade regulations.
