In 2023, the gross value added (GVA) of agricultural products and livestock in Canada stood at 38.83 billion Canadian dollars. The value has shown an increasing trend from 2013 to 2023, with minor fluctuations in some years. Notably, there were significant dips in 2014 and 2018, followed by robust recoveries in the subsequent years. The GVA demonstrated a consistent yearly increase from 2019 to 2023, with an average compound annual growth rate (CAGR) of 7.09% over the past five years.
Looking forward, the forecasted data from 2024 to 2028 predicts a steady growth trajectory with an anticipated CAGR of 2.55%. By 2028, the GVA is expected to reach 45.59 billion Canadian dollars, indicating an overall growth rate of 13.4% over five years.
Future trends to watch for include:
- Technological advancements in farming practices and livestock management.
- Potential impacts of climate change on agricultural productivity.
- Market fluctuations driven by global demand and trade policies.
- Government policies and subsidies affecting the sector's growth.