The forecasted import of soybean oil to Canada shows a consistent declining trend from 2024 through 2028. In 2023, the value stood at approximately 17 million USD. The year-on-year analysis reveals a decrease each year: from 2024 to 2025, it drops by approximately 7.7%, further decreasing by 8.2% from 2025 to 2026, 8.7% from 2026 to 2027, and by 9.4% from 2027 to 2028. The Compound Annual Growth Rate (CAGR) indicates a steady decline over the five-year forecast period.
Future trends to watch for:
- Observe potential effects of global supply chain disruptions that could alter import needs.
- Monitor any shifts in domestic production capabilities within Canada impacting import reliance.
- Evaluate changes in trade agreements or tariffs affecting soybean oil trade routes.
