The demersal fish market in Nigeria has displayed significant fluctuations over the past decade. In 2023, the market volume stood at 325.65 thousand metric tons, reflecting a -2.22% year-on-year decline from the previous year. The market experienced its peak growth between 2014 and 2015 with a notable increase of 10.11%. However, this was followed by a sharp decline of -49.89% in 2016, illustrating market volatility. Subsequent years showed periods of both recovery and decline, with 2020 hitting a notable decrease of -18.83%. Over the last two years, the market has seen minor changes with a -2.22% decrease in 2023. Analyzing the past five years, the compound annual growth rate (CAGR) indicates an average -2.64% decrease annually.
Looking forward, the market is expected to continue its declining trend with a forecasted CAGR of -1.99% over the next five years, anticipating an overall reduction of -9.58% by 2028. This data suggests a persistent downward trend in demersal fish volumes in the Nigerian market.
Future trends to watch include potential impacts from fishing policies, environmental changes affecting fish habitats, advancements in sustainable fishing practices, and shifts in consumer demand towards alternative protein sources. Monitoring these factors will be crucial in understanding the future trajectory of the demersal fish market in Nigeria.
