The soybeans feed market in Nigeria has exhibited notable variations over the past decade. Actual data show fluctuations, with a significant spike in 2016 (177.5% increase) and a steep decline in 2015 (-20%). Recent years have displayed more stable growth, with 2023 standing at 85 thousand metric tons and demonstrating a moderate but consistent year-on-year growth of 2.41%. Over the last five years, the compound annual growth rate (CAGR) averaged at 5.19%, indicating a steady expansion. Forecasts for the coming years suggest a continued upward trend, albeit at a slightly lower CAGR of 1.58% from 2023 to 2028, resulting in an overall growth rate of 8.14% over that period.
Future trends to watch for include potential impacts of agricultural policies, advancements in soybean cultivation technology, and fluctuations in domestic and international demand for soybeans feed. Additionally, climate change and its effects on crop yield could influence future supply and prices.
