Based on the provided data, the Non-Centrifugal Sugar market in Nigeria is projected to grow from 13.09 thousand metric tons in 2024 to 14.17 thousand metric tons by 2028. To assess the overall growth, it's important to note that the market stood at 12.83 thousand metric tons in 2023.
The year-on-year growth rates are as follows:
- 2023-2024: 2.0%
- 2024-2025: 2.1%
- 2025-2026: 2.0%
- 2026-2027: 2.0%
- 2027-2028: 1.9%
The Compound Annual Growth Rate (CAGR) over the forecasted period from 2023 to 2028 is approximately 1.99%, indicating a steady expansion in market volume. Over the last two years, the market has shown consistent positive growth, suggesting a stable and growing demand for Non-Centrifugal Sugar in Nigeria.
Future trends to watch for include potential shifts in consumer preferences towards healthier and natural sweeteners, policy changes promoting local agricultural production, and advancements in manufacturing technologies. These factors could significantly influence the market dynamics and growth trajectory in the coming years.
