The soybean oil market in Canada saw steady volumes from 2014 to 2016 at 24.0 thousand metric tons. A noticeable increase to 26.0 thousand metric tons occurred in 2017, reflecting an 8.33% year-on-year growth. However, the years 2018 and 2019 saw stabilization at around 25.0 thousand metric tons, before a slight increase to 25.5 thousand metric tons in 2021, marking a 2% growth year-on-year. By 2022 and 2023, the market volume returned to 26.0 thousand metric tons, remaining stable. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 was 0.79%. Looking forward, the market is expected to slightly increase with forecasted volumes reaching 26.6 thousand metric tons by 2028, indicating a forecasted 5-year CAGR of 0.38%.
Key future trends to watch for include:
- Potential impacts of climate change on soybean yield and oil production.
- Innovations in agricultural technology and their application in soybean farming.
- Shifts in consumer preferences towards plant-based oils and sustainability concerns.
- Regulatory changes affecting the agricultural and food industries.
