The actual demand for cocoa beans in Nigeria stood at 58.0 thousand metric tons in 2023, reflecting a slight decline of -1.69% from the previous year. Analyzing the past decade, demand peaked at 77.0 thousand metric tons in 2014 but experienced notable fluctuations, culminating in a CAGR of -1.95% over the past five years. The projected demand indicates a continuous decline, with an anticipated 53.41 thousand metric tons by 2028, marking a -6.43% decrease during this forecast period and a 5-year CAGR of -1.32%.
Future trends to watch for:
• The impact of climate change on cocoa productivity.
• Changes in global chocolate consumption patterns.
• Investment in technology and sustainable farming practices.
• Potential policy changes affecting the agricultural sector.
• Shifts in local and international market dynamics.
