In 2023, the import of crude sunflower-seed or safflower oil to Canada was significantly higher compared to the forecasted values for subsequent years. The data forecasts a continuous decline in import values from 2024 to 2028, starting at 555.93 thousand US dollars in 2024 and projected to decrease to 375.36 thousand US dollars by 2028. This reflects a trend of decreasing import demand or potential shifts in sourcing or domestic production.
Year-on-year variations reveal a consistent negative change in import values, indicating a decline in crude sunflower-seed or safflower oil demand. The compound annual growth rate (CAGR) over the forecasted five-year period indicates a steady average annual decline.
Future trends to watch for include:
- Potential changes in domestic production capacities impacting import needs.
- Shifts in consumer preferences toward alternative oils or domestic products.
- Global market conditions affecting supply chains and import costs.
- Trade agreements or tariffs influencing pricing and demand.
