From 2014 to 2023, Nigeria's vegetables market size in volume has exhibited variations. The volumes fluctuated but moved towards stability, illustrated by a minor 0.15% year-on-year increase in 2023, standing at 14.56 million metric tons. Despite fluctuations, the Compound Annual Growth Rate (CAGR) was -0.27% over the last five years, indicating a slight negative growth trend.
Observing year-on-year changes, the highest growth occurred in 2018 with a 6.71% rise, while the most significant decline was -9.34% in 2016. The market saw contractions in 2019 and 2020, but a recovery trend began in 2021 with a 5.42% increase, signaling a rebound.
Forecast up to 2028 suggests a stable growth in vegetable volume, with a forecasted 5-year CAGR of 0.12%, indicating a slight increase. The overall growth rate for 2024-2028 is projected at 0.61%, highlighting modest but positive future growth.
Future trends to watch for include potential impacts of climate change on agricultural yields, advancements in agricultural technology, changes in domestic consumption patterns, and government policies supporting the agricultural sector. These factors will significantly influence the vegetable market's growth trajectory in Nigeria.
