The sorghum seed market in Nigeria stood at 124.0 thousand metric tons in 2023. Over the period from 2014 to 2023, the market exhibited a mixed trend with periods of growth and stabilization. In 2023, the year-on-year variation was 0.81%, indicating a slight increase over 2022. Reflecting on the past five years, the compound annual growth rate (CAGR) stood at 0.33%, suggesting a modest growth trajectory.
The future outlook suggests a continued stable growth with a forecasted CAGR of 0.32% over the next five years until 2028. By 2028, the market is expected to grow by 1.61% from 2023 levels.
Future trends to watch for:
- Technological advancements in seed production.
- Changes in government policies and subsidies impacting agricultural practices.
- Climate change impacts on crop yields.
- Shifts in consumer dietary preferences.
