The cottonseed processing volume in Nigeria has seen a notable decline over the past decade, moving from 86.0 Thousand Metric Tons in 2014 to 71.0 Thousand Metric Tons in 2023, which represents a -1.39% year-on-year change and a -1.09% CAGR. Between 2018 and 2023, there was a consistent year-over-year reduction, with decline rates varying slightly but staying generally negative. For instance, the processing volume dropped from 75.0 Thousand Metric Tons in 2018 to 71.0 Thousand Metric Tons in 2023.
Forecasts for the next five years from 2023 to 2028 show a projected further decline, albeit at a slower compound annual growth rate of -0.87%, leading to an expected volume of 67.0 Thousand Metric Tons by 2028. This signifies a total growth rate decline of -4.29% over the forecast period.
Future trends to watch for include potential impacts of technological advancements in processing methods, policy changes affecting agriculture and trade, and possible shifts in global cottonseed market demand. Additionally, environmental factors such as climate change and water availability may further influence production volumes in Nigeria.
