The demand for sesame seeds in Nigeria demonstrated considerable yearly fluctuations from 2014 to 2023. Starting at 253 thousand metric tons in 2014, the demand experienced both significant surges, such as the 53.17% increase in 2016, and substantial declines, including the 20% drop in 2018. By 2023, demand had grown steadily to 416 thousand metric tons, reflecting a year-on-year increase of 2.21% and a CAGR of 3.63% for the past five years.
Looking ahead, the forecasted data projects a consistent upward trajectory through 2028, with an average CAGR of 1.6% over the next five years. Factors contributing to this trend likely include rising consumption driven by increasing awareness of sesame seeds' nutritional value and potential for export growth.
Future trends to watch for:
- Potential fluctuation due to global market influences.
- Impact of local agriculture policies and investment in sesame farming.
- Shifts in consumer preferences and health trends.
- Technological advancements in agricultural practices to increase yield and quality.
