Beef meat production in Nigeria experienced significant volatility over the past decade. Starting at 381.0 thousand metric tons in 2014, it fluctuated with a notable decline in 2016 by 22.4%, followed by an impressive recovery in 2018, which saw a 29.57% increase. However, from 2019 to 2023, the production saw an overall negative trend with a CAGR of -1.53%, standing at 361.0 thousand metric tons in 2023. Over the last two years (2022-2023), the production remained relatively stable with no year-on-year change.
Looking forward, from 2024 to 2028, the forecast shows a slight declining trend with a forecasted CAGR of -0.07%, implying a marginal drop in production volume reaching 359.4 thousand metric tons by 2028. This indicates a relatively stable but slight downward trajectory.
Future Trends to Watch For:
- Impact of economic policies on the meat production industry.
- Technological advancements in livestock breeding and farming methods.
- Changing consumer preferences and potential shifts towards alternative proteins.
- Impact of climate change and environmental factors on beef production.
- Government initiatives aimed at boosting agricultural productivity.
