In 2023, coconut oil domestic consumption in Nigeria stood at 7.0 thousand metric tons. The forecasted data from 2024 to 2028 shows that consumption is expected to remain constant at 7.0 thousand metric tons each year.
Year-on-year variations in the last two years reflect no change in consumption levels. The Compound Annual Growth Rate (CAGR) over the last 5 years is 0%, indicating a steady consumption pattern with no anticipated growth or decline.
Future trends to watch for:
- Potential changes in consumer preferences and dietary trends, which could affect coconut oil demand.
- Policy changes or incentives promoting local agricultural production, potentially impacting supply and consumption levels.
- Economic factors such as inflation and disposable income, influencing purchasing power and consumption behavior.
