From 2014 to 2023, the cassava market in Nigeria showed fluctuations in volumes with notable decreases in 2017 and 2020. The cassava market size in 2023 stood at 25.38 million metric tons. The year-on-year variance highlights the highest dip in 2017 (-8.79%) and the largest growth in 2018 (9.48%), indicating volatility in production. The Compound Annual Growth Rate (CAGR) for the period 2019-2023 is -0.098%. Looking forward, forecasts anticipate a moderate growth trend with a forecasted CAGR of 0.23% over the next five years, reaching 25.74 million metric tons by 2028.
Year-on-Year Variation Analysis:
- 2022 to 2023: 0.28%
- 2021 to 2022: 0.28%
Compound Annual Growth Rate (CAGR) Analysis:
- 2019 to 2023: -0.098%
- Forecast (2024 to 2028): 0.23%
Future trends to watch for include shifts in agricultural policies, climate change impacts, technological advancements in farming, and market demand fluctuations which may all significantly impact production levels and market stability.
