In 2023, Canada imported 803 million kilograms of soybeans. The forecast for 2024 starts at 830.64 million kilograms, representing a year-on-year increase of 3.44%. The trend suggests a steady rise with imports projected at 856.76 million kilograms in 2025 and further climbing to 932.03 million kilograms by 2028. This indicates a Compound Annual Growth Rate (CAGR) of approximately 3.03% from 2024 to 2028.
Future trends to watch for include:
- Impact of trade agreements on soybean imports.
- Domestic supply fluctuations affecting import needs.
- Global soybean market dynamics.
- Changes in consumer demand for soy-based products.
