The orange and mandarines market size volume in Nigeria has remained relatively stable, with a volume of 3.0 Thousand Metric Tons in 2023. From 2014 to 2023, the market experienced minor fluctuations, with a notable dip to 2.0 Thousand Metric Tons in 2015 and a subsequent recovery. The period from 2018 to 2023 showed consistent values of 3.0 Thousand Metric Tons, demonstrating market stability. In terms of year-on-year variations, 2023 showed no change from the previous year, maintaining a 0% variation rate. The five-year compound annual growth rate (CAGR) leading up to 2023 stands at approximately 0%, indicating minimal growth.
Looking ahead, the forecasted volume for 2024 is 3.02 Thousand Metric Tons with a projected five-year CAGR of 0.36%. This indicates a slight upward trend, expected to continue through 2028, reaching 3.07 Thousand Metric Tons. The forecasted growth rate over the following five years is 1.79%, suggesting a modest increase.
Future trends to watch for:
- The potential impact of advanced agricultural technologies on yield and production efficiency.
- Changes in consumer preferences and demand driven by health and wellness trends.
- Government policies and incentives aimed at boosting local fruit production.
- Market responses to climate variability and its effects on crop yield.