The cottonseed oil market in Nigeria has shown relative stability in terms of volume over the past decade. From 2014 to 2019, the market maintained a stable volume of around 15 to 16 thousand metric tons annually. A notable dip occurred in 2020 when the volume decreased to 13.28 thousand metric tons, followed by a recovery to 16 thousand metric tons from 2021 to 2023. As of 2023, the market volume stands steady at 16 thousand metric tons.
Looking ahead from 2024, forecasted data suggests a very modest growth with volumes slightly increasing from 16.09 thousand metric tons in 2024 to 16.31 thousand metric tons in 2028. The five-year forecasted compound annual growth rate (CAGR) is projected at 0.27%, reflecting minimal yet steady growth.
Future trends to watch for:
- Potential shifts in agricultural policies impacting cotton production.
- Technological advancements in oil extraction processes.
- Market responses to global commodity price fluctuations.
