The forecasted production of plums and prunes in Canada is expected to rise gradually from 3.72 thousand metric tons in 2024 to 3.83 thousand metric tons in 2028. Given the 2023 production was 3.68 thousand metric tons, this suggests a steady year-on-year growth pattern. The year-on-year growth rate from 2024 to 2028 remains between approximately 0.8% to 0.9%, indicating consistent market expansion. This reflects a Compound Annual Growth Rate (CAGR) of approximately 0.8% over the five-year period.
Future trends to watch for:
- Factors like climate change and its impact on agricultural yield.
- Market demand fluctuations in North America and globally.
- Technological advancements in farming techniques and their adoption rates.
- Changes in export policies affecting international trade of Canadian plums and prunes.