In 2023, the demand for nuts in Nigeria stood at 143.0 thousand metric tons, representing a year-on-year decline of 6.54%. Over the last five years, the compound annual growth rate (CAGR) has been -6.3%, indicating a consistent downward trend.
Notably, from 2014 to 2015, there was a significant decrease in demand by 38.21%. Subsequent years saw varied fluctuations, such as minor increases in 2017 (0.51%) and 2018 (1.02%), but the overall trend remained negative. The CAGR for 2019 was -11.39%, followed by -4.51% in 2020, and -3.52% in 2021. 2022 experienced a decline of 6.13%, aligning with the ongoing decrease.
Looking toward the future, Nigeria's nuts demand is forecasted to continue its downward trajectory, with a predicted five-year CAGR of -6.96% through 2028. This extended decline suggests a 30.3% drop in demand.
Future trends to watch include economic factors affecting consumer purchasing power, possible shifts in dietary preferences, changes in local agricultural policies impacting nut production, and potential imports affecting local markets.
