The forecast for soybean oil imports in Canada shows a gradual increase from 2024 to 2028, starting at 152.0 thousand metric tons in 2024 and reaching 159.0 thousand metric tons by 2028. There is a steady annual growth of 1-2 thousand metric tons each year. In 2023, soybean oil imports stood slightly below 152.0 thousand metric tons, indicating a consistent upward trend in demand. The year-on-year percentage increase is modest but steady over the forecasted period. The compound annual growth rate over the next five years reflects a stable market.
Future trends to watch include potential changes in domestic production capabilities, trade agreements affecting import dynamics, as well as consumer preferences shifting towards alternative oils which might influence future import volumes.
