The Soybeans Market Volume in Nigeria experienced notable fluctuations from 2014 to 2023, commencing with 144.0 thousand metric tons in 2014, fluctuating significantly over the years, and standing at 119.0 thousand metric tons in 2023. The year-on-year variation in recent periods showed modest declines, with -0.83% in 2022 and -0.83% in 2023, indicating a relatively stable yet downward trend. Over the last five years, the Compound Annual Growth Rate (CAGR) averaged at -0.17%, reflecting a minor contracting trend in the market size.
Forecasted data from 2024 anticipate a continued gradual decline, with the market dropping to 111.75 thousand metric tons by 2028. The forecasted 5-year CAGR is projected to be -0.97%, translating to an overall 4.77% decrease over this period.
Future trends to watch for include:
- Emerging agricultural technologies that could potentially boost soybean yields and alter market dynamics.
- Government policies or interventions aimed at supporting local soybean production.
- Changing dietary preferences and shifts towards plant-based proteins influencing domestic demand.
- The impact of climate change on agricultural productivity and potential adaptations by farmers.