In 2023, Canada's soybean production was approximately 7.15 million metric tons. Forecasts suggest a steady increase in production from 2024 to 2028. Year-on-year growth rates from 2024 to 2025 is about 1.87%, 2025 to 2026 is 1.79%, 2026 to 2027 is 1.73%, and 2027 to 2028 is 1.67%. Over the period from 2024 to 2028, the compound annual growth rate (CAGR) is around 1.7%.
Future trends to watch include:
- Impact of climate change and environmental policies on production efficiency.
- Technological innovations in agriculture, influencing yield improvement.
- Trade policies and market demand shifts affecting global soybean markets.
