The data on the import of plastics and articles thereof to Canada shows a fluctuating trend over the past decade. The actual value stood at $17.941 billion in 2023. In recent years, there has been a general upward trajectory with some notable dips, especially between 2015 and 2016, and more significantly in 2020. The year-on-year variation shows a peak of 16.59% in 2021 followed by a sustained rise towards 2023. The five-year compound annual growth rate (CAGR) stands at 1.35%, indicating moderate growth.
Looking ahead to forecasted values, the trend continues to be positive with expected steady increases each year, culminating in a value of $19.477 billion by 2028. The forecasted five-year growth rate is 6.94%, suggesting a stable upward momentum.
Future trends to watch:
- Stability and consitency in growth due to economic stabilisation post-pandemic.
- Impact of developments in sustainable and biodegradable plastics.
- Regulatory changes aimed at reducing plastic pollution.
- Advancements in recycling technologies and their adoption in the market.
- Trade agreements and their influence on import patterns.
