In 2023, Canada's canola exports stood at 7.85 million metric tons. The forecast data for 2024 to 2028 shows a consistent year-on-year increase, with exports expected to grow from 8.02 million metric tons in 2024 to 8.65 million metric tons in 2028. The year-on-year growth rate averages around 2% to 2.5%, indicating a steady upward trend. The Compound Annual Growth Rate (CAGR) over these five years is approximately 2.0%, reflecting moderate but stable growth in canola exports.
Future trends to watch for:
- Impact of global demand and supply fluctuations on export volumes
- Changes in trade policies and agreements affecting Canada’s market access
- Technological advancements in agricultural practices improving yield and efficiency
- Potential influences of climate change on canola production and export capabilities
- Shifts in consumer preferences towards healthier oils, which may drive canola demand