Beef meat demand in Nigeria has shown notable fluctuations over the past decade. Starting at 445.0 thousand metric tons in 2014, the demand plummeted significantly, hitting a low of 299.0 thousand metric tons in 2016. A brief recovery spurt brought the demand back up by 2018, reaching 390.0 thousand metric tons, before another decline occurred. As of 2023, the demand stands at 336.0 thousand metric tons. The year-on-year variation for the past two years shows a decrease: -1.45% in 2022 and -1.47% in 2023. The most recent 5-year CAGR reports an average annual decline of -2.94%.
Forecasts for 2024 and beyond suggest a continual downward trend, with beef demand expected to reduce to 310.4 thousand metric tons by 2028, representing a 5-year forecast CAGR of -1.25% and an overall decline rate of -6.12% through this period.
Future trends to watch for include potential shifts in consumer preferences towards alternative proteins, economic factors affecting purchasing power, and government policies impacting the agricultural sector. Additionally, changes in feed prices and climate change could further influence beef production and availability.
