From 2014 to 2023, Nigeria's pelagic fish market witnessed a consistent decline in size, falling from 944.92 thousand metric tons to 360.9 thousand metric tons. Significant drops were observed in 2015 (-23.64%), 2017 (-21.6%), and 2020 (-22.68%). However, 2021 saw a modest recovery with a 6.22% increase but the downward trend resumed afterward.
Notably, the year-on-year variation for 2023 was -8.06%, and the CAGR over the last five years was -7.12%. Looking ahead, the forecast CAGR from 2023 to 2028 is -9.75%, projecting a market size of 194.4 thousand metric tons by 2028, indicating a 40.12% overall decrease during this period.
Future trends to watch in the Nigerian pelagic fish market include potential shifts in consumer preferences, impacts of climate change on fish populations, government policies affecting fishing practices, and technological advancements in aquaculture. Moreover, economic factors such as inflation and currency fluctuations could further influence market dynamics.
