Demand for vegetable oils in Canada stood at 1.88 million metric tons in 2023, reflecting a slight year-on-year increase of 0.53%. Between 2014 and 2023, the overall trend shows a steady rise with some fluctuations, such as the dip in 2015 and 2019. The compound annual growth rate (CAGR) for the past five years is 0.29%, indicating a modest but positive growth trajectory.

Looking forward, the forecast suggests continued growth, with demand projected to reach 1.93 million metric tons by 2028. The forecasted five-year CAGR stands at 0.38%, indicating a stable but slow growth rate.

Future trends to watch for include:

Adoption of plant-based diets driving higher demand for vegetable oils.
Sustainability concerns affecting preferences for certain types of vegetable oils.
Technological advancements in oil extraction and processing improving efficiency and potentially lowering costs.