The value added of agricultural products and livestock in Canada has shown variability over the years. Notable fluctuations include a significant increase from 2013 to 2015 and a dip in 2018. In 2023, the value stood at CAD 35.26 billion. Analyzing the recent two-year period, we observe year-on-year increases of 3.49% in 2022 and 3.34% in 2023. The compound annual growth rate (CAGR) over the past five years up to 2023 was 5.06%, pointing towards steady growth.
Looking ahead, forecasted data predicts continued growth with the value rising to CAD 40.79 billion by 2028. The forecasted five-year CAGR is 2.31%, indicating a more moderated but still positive growth. Trends over the last five years reveal an average yearly increase of 2.31%.
Future trends to watch for:
- The impact of technological advancements and innovations in agricultural practices.
- Changes in global trade policies and their effects on Canadian agriculture.
- The influence of climate change and sustainability practices on productivity and value addition.