In 2023, the value of soybean production at the farm gate in Canada was USD 2.41 billion. The forecasted values show a steady increase from USD 2.45 billion in 2024 to USD 2.61 billion in 2028. Year-on-year growth rates for soybeans at the farm gate are as follows:
• 2024: +1.66%
• 2025: +1.63%
• 2026: +1.61%
• 2027: +1.58%
• 2028: +1.56%
The compound annual growth rate (CAGR) over the five-year period is approximately 1.61% per year.
Future trends to watch for include potential impacts of climate change on soybean yields, advancements in agricultural technology, and shifting trade policies which could affect both production levels and market prices.
