The meat market in Nigeria has experienced fluctuations over the past decade. In 2023, the market stood at 1.38 million metric tons, reflecting a slight year-on-year decrease of 0.86%. Historically, the market showed significant drops in some years, such as a 10.29% decrease in 2015 and a notable 17.75% decline in 2020. The compound annual growth rate (CAGR) for the last five years stands at -1.27%, indicating a gradual overall decline. Despite some recovery seen in 2021 with a 19.46% increase, the trend has largely been downward.

Future trends to watch for:

Continued slight decline, with a forecasted 5-year CAGR of -0.73%.
Potential impacts from economic factors and policy changes on meat consumption.
Changes in consumer preferences and potential shifts towards alternative protein sources.