From 2014 to 2023, Nigeria experienced a varied demand for coconut oil, starting at 12.0 thousand metric tons in 2014 and stabilizing at 14.0 thousand metric tons for 2023. The values showed significant increases in certain years, such as 2015 (8.33%) and 2018 (7.69%), while 2020 witnessed a substantial dip (-17%), indicating a volatile trend sensitive to various factors. Looking over the previous five years, the compound annual growth rate (CAGR) averaged 1.49%, though 2023 showed no year-on-year variation.
Future trends suggest a steady but moderate increase, with forecasted values rising to 14.59 thousand metric tons by 2028. The predicted five-year CAGR is 0.59%, signifying continued, albeit slight growth. Key future trends to watch include potential supply chain improvements, health trends boosting coconut oil use, and economic factors impacting affordability and availability.
