The analysis of the forecasted soybeans market size volume per capita in Nigeria indicates a decreasing trend from 2024 to 2028. In 2023, the actual volume stood at 0.57 kilograms per capita. However, the forecasted data show a year-on-year decline, with values dropping to 0.56 kilograms in 2024, 0.55 in 2025, 0.54 in 2026, 0.52 in 2027, and 0.51 in 2028. The year-on-year percentage variation is:
- 2024: -1.75%
- 2025: -1.79%
- 2026: -1.82%
- 2027: -3.70%
- 2028: -1.92%
The Compound Annual Growth Rate (CAGR) over the 5 years from 2023 to 2028 is -2.21%, reflecting a consistent downward trend.
Future trends to watch for include changes in agricultural policies, climate conditions affecting soybean yields, shifts in domestic consumption patterns, and potential innovations in farming techniques. These factors could influence the market dynamics and possibly shift the current declining trend.
