The demand for cottonseed in Nigeria has shown varying trends over the past decade. In 2023, the volume of cottonseed demand stood at 175 thousand metric tons. Significant growth was seen in 2015 with a 42.15% increase, however, subsequent years showed fluctuations, including a notable dip of 7.65% in 2018. More stable growth patterns emerged post-2019, with a Compound Annual Growth Rate (CAGR) of 2.19% noted from 2019 to 2023. The forecasted data indicates a steady increase with a 5-year CAGR of 1.15%, projecting the demand to rise to 188.46 thousand metric tons by 2028.
Key future trends to watch for include:
- Advancements in agricultural technology which could boost cottonseed production.
- Government policies and subsidies aiming at increasing domestic cottonseed cultivation.
- Global market conditions and trade policies impacting imports and exports.
- Environmental and climate changes influencing crop yields.
