The forecast for Canada's import of groundnut oil indicates a consistent growth trend from 2024 to 2028. In 2023, the imports were valued at approximately 6.65 million USD. The year-on-year increase for 2024 is expected to be 2.26%. This positive trend continues, with expected growth rates of 2.17% in 2025, 2.08% in 2026, 1.99% in 2027, and 1.92% in 2028. The Compound Annual Growth Rate (CAGR) over the period from 2024 to 2028 is approximately 2.08%.
Future trends to watch for include:
- Fluctuations in global groundnut oil prices due to changing agricultural yields and market demands.
- Potential impacts of trade agreements or tariffs that could affect import costs and volumes.
- Consumer preference shifts towards healthier oils, potentially affecting demand for groundnut oil.
