The demand for palm kernel oil in Nigeria has seen significant fluctuations over the past years. In 2023, the demand stood at 83 thousand metric tons, representing a 6.74% year-on-year decline. The average annual decrease over the past five years (CAGR) is 7.11%. Historical data shows a marked drop between 2014 and 2015, followed by minor fluctuations and sporadic increases until a sharp decrease in 2020 and 2022.
Looking forward, the forecasted demand from 2024 to 2028 shows a continuous downward trend, with an anticipated annual average decline rate (CAGR) of 7.74%, contributing to a projected overall decrease of 33.15% by 2028.
Future trends to watch for include potential shifts in the global palm oil market, environmental regulations, technological advancements in oil extraction and processing, and changing domestic utilization patterns which could impact demand variations.
