The vegetable oils market in Canada has shown a steady but slow growth over the past decade, with a slight decrease in 2017. As of 2023, the market stood at 1.11 million metric tons, reflecting a modest 0.45% year-on-year increase. Upon analyzing the data from 2018 onwards, we observe fairly stable growth, with the Compound Annual Growth Rate (CAGR) ranging around 0.18% per year from 2018 to 2023.
Looking into future projections, the years from 2024 to 2028 are expected to see a slow yet consistent increase, reaching 1.13 million metric tons by 2028, with a forecasted 5-year CAGR of 0.29%. This indicates a continuation of the mild upward trend experienced in the previous years.
Future trends to watch include:
- Innovation in sustainable and healthy vegetable oil options that could drive new demand.
- Potential market disruptions due to environmental policies or economic factors.
- Increasing consumer awareness and preference for organic and non-GMO vegetable oils which could shift market dynamics.
