From 2014 to 2024, the demand for cottonseed oil in Nigeria has demonstrated slight fluctuations. Between 2014 to 2019, the demand remained relatively stable at 15.0 to 16.0 thousand metric tons. A notable dip occurred in 2020 with a 17% decline, likely due to economic impacts. However, by 2021, demand rebounded to 16.0 thousand metric tons, stabilizing again through 2023. The year-on-year growth hovered around 0% from 2022 to 2023, indicating stagnation. Forecasted data suggests a minor uptrend with a 0.27% CAGR from 2024 to 2028, predicting a demand of 16.31 thousand metric tons by 2028.
Future trends to watch for include potential impacts from economic policies, industrial growth, and dietary shifts, which could either boost or suppress demand. Innovations in cottonseed processing and competitive pricing will also be key in shaping future demand patterns.
