The raw animal fats market in Nigeria has shown relative stability over the past decade, with minor fluctuations. From 2014 to 2019, the market volume remained fairly constant at around 36.0 thousand metric tons, showing a slight dip only in 2015 by 2.7%. However, a significant decline of 17% was observed in 2020, attributable to potential disruptions. The market rebounded by 20.48% in 2021, returning to previous levels.
In 2023, the market size was 36.0 thousand metric tons, reflecting no change from 2022. The forecast indicates a slight annual decrease, with a CAGR of -0.09% expected from 2024 to 2028, reaching approximately 35.76 thousand metric tons by 2028.
Future trends to watch for include potential impacts of regulatory changes, technological advancements in production, and shifts in consumer preferences toward alternative fats or plant-based products, which could influence market dynamics.