The Nigerian animal fats market showcased a downward trend in volume from 2014 to 2023, with a significant drop from 58.0 thousand metric tons to 46.0 thousand metric tons. Notable year-on-year variations include a substantial decrease in 2015 by 10.34% and another sharp drop in 2020 by 17%. A brief recovery was noted in 2021 with a 17.97% increase, although the market retracted slightly thereafter. The compound annual growth rate (CAGR) over the last five years stood at -1.26%, projecting a continuous decline.
The forecasted data from 2024 to 2028 indicates a modest annual decline in the market, at a forecasted 5-year CAGR of -1.19%, resulting in an anticipated volume of 42.49 thousand metric tons by 2028.
Future trends to watch for include potential impacts of economic fluctuations, changes in dietary preferences, and advancements in alternative fats and oils, which may further influence market dynamics.
