In 2023, Canada's soybean oil production stood at 355.0 Thousand Metric Tons. Based on forecasted data, production is expected to rise steadily from 358.0 Thousand Metric Tons in 2024 to 372.0 Thousand Metric Tons by 2028. This reflects a year-on-year increase of approximately 0.8% to 1.2% over the next four years.
Key variations:
- 2024 vs 2023: +0.84%
- 2025 vs 2024: +0.84%
- 2026 vs 2025: +1.11%
- 2027 vs 2026: +1.10%
- 2028 vs 2027: +0.81%
The Compound Annual Growth Rate (CAGR) over the next five years is around 0.95% annually, suggesting a modest but consistent growth in production.
Future trends to watch for:
- Developments in agricultural technology and sustainability practices.
- Changes in global demand for plant-based oils.
- Impact of climate change on crop yields.
- Possible trade policy shifts affecting exports and imports.
