The export value of baked bread, pastries, and wafers from Nigeria experienced a significant decline from 2013, where it stood at $2.6264 million, to 2023, ending at $0.82333 million. This represents a compounded annual growth rate (CAGR) of -7.28% over the last five years. The last two years saw a steady drop with -6.63% in 2022 and -6.96% in 2023. Forecasts predict a continuing downward trend, projecting a value of $0.75574 million for 2024, culminating at $0.5018 million by 2028, accompanied by a forecasted 5-year CAGR of -7.86% and an overall forecasted 33.6% decline from 2023 to 2028.
For future trends to watch for:
- Global economic conditions and their impact on demand for Nigerian baked goods.
- Changes in trade policies and tariffs that may affect Nigerian exports.
- Improvements in production efficiency and quality that could make Nigerian products more competitive.
- Emerging markets' demand for baked goods, particularly in Africa and other developing regions.
