In 2023, the domestic consumption of soybean oil in Canada stood at 340.0 thousand metric tons. The forecasted data for 2024 indicates a consumption of 344.0 thousand metric tons, showing a year-on-year increase of 1.18%. For 2025, the forecast is 347.0 thousand metric tons, reflecting a rise of 0.87%. In 2026, the consumption is expected to reach 351.0 thousand metric tons, marking an increase of 1.15%. For 2027, the figure is 354.0 thousand metric tons, a 0.85% rise. By 2028, the consumption is projected to be 358.0 thousand metric tons, a 1.13% increase. Over the last five years, the compound annual growth rate (CAGR) averages 1.24%.
Future trends to watch for:
- Potential impacts of new health guidelines on vegetable oil consumption.
- Shifts in consumer preferences towards plant-based diets.
- Changes in trade policies affecting imports and exports.
- Innovations in the food industry that could influence soybean oil demand.
