The forecast for rapeseed oil domestic food consumption in Canada indicates a steady increase over the next five years. Starting from 696 thousand metric tons in 2024, the consumption is projected to reach 724 thousand metric tons by 2028. This consistent rise suggests an average year-on-year growth rate of approximately 1.0% over the forecast period.
Comparing this with actual data from previous years, the baseline figure for 2023 was 689 thousand metric tons. The year-on-year increase from 2023 to 2024 is thus around 1.01%. Over a longer period, from 2024 to 2028, the compound annual growth rate (CAGR) stands at approximately 1.0%, indicating a stable upward trend in consumption.
Looking ahead, future trends to watch for include potential changes in consumer dietary preferences, shifts in agricultural production, and policy changes regarding edible oils and health guidelines. Additionally, global economic factors and supply-chain dynamics could also impact the rapeseed oil market in Canada.
