In 2024, the domestic food consumption of soybean oil in Canada is forecasted to be 344 thousand metric tons. Over the next four years, this consumption is expected to increase steadily, reaching 358 thousand metric tons by 2028. The year-on-year growth indicates a modest rising trend, with percentage increases ranging from approximately 0.87% to 1.13% annually. Over this five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is estimated at about 1.01%, suggesting consistent growth in demand.

Future trends to watch include:

Changing dietary preferences and health consciousness could further influence the demand for soybean oil.
Potential impacts of policy changes regarding agriculture and imports on soybean oil supply and pricing.
Technological advancements in biofuels that might affect the volume of consumable soybean oil.