The production of vegetable oils in Canada has shown a significant upward trend from 2014 to 2023, standing at 5.57 million metric tons in 2023. Notably, the year-on-year growth rate in 2023 was 1.59%, with a 5-year compound annual growth rate (CAGR) of 1.54%. From 2014 to 2019, the industry experienced fluctuating growth rates, with notable increases in 2015 (7.72%) and 2016 (12.12%), followed by a slow down and minor contractions in 2020 and 2022. However, the industry made a strong recovery in 2021 and thereafter showed a positive growth trajectory.
Forecasted data suggests continued growth in the production of vegetable oils, with the production expected to reach 6.04 million metric tons by 2028. The forecasted 5-year CAGR stands at 1.24%, indicating steady but moderate growth, amounting to a 6.36% increase over the forecast period.
Future trends to watch for include technological advancements in oil extraction and processing methods, potential impacts of climate change on crop yields, and the evolving regulatory landscape surrounding agricultural practices and environmental sustainability. Additionally, shifts in consumer preferences towards healthier and more sustainable cooking oils could fuel demand further.
