The Nigerian groundnut oil market has shown varied growth trends from 2014 to 2023, with a volume of 352 thousand metric tons in 2023. From 2021 to 2023, a steady growth was observed, with year-on-year increases of 1.16% and 1.15% respectively, showing recovery after a significant drop of -16.01% in 2020. The market's CAGR over the past five years stands at 1.42%. Looking forward, the market is expected to grow at a 5-year CAGR of 0.93%, reaching 373.49 thousand metric tons by 2028.
Future Trends to Watch For:
- Technological advancements and innovations in the production process.
- Fluctuations in global peanut supply due to climate change.
- Government policies towards agribusiness and local production.
- Increasing consumer preference for healthier and organic oils.