The budgetary expenditure on agricultural product safety and inspection in Canada has shown fluctuations from 2013 to 2023. After a dip of almost 10% in 2015, the expenditure recovered slightly but experienced another significant decline of over 23% in 2020 due to the likely impact of the global pandemic. Since then, expenditure has gradually climbed, reaching CAD 937.01 million in 2023, reflecting a year-on-year increase of 6.47% from 2022. Over the past 5 years, the compound annual growth rate (CAGR) stood at 0.26%, indicating a moderate growth trajectory.
Going forward from 2024 to 2028, the budget is forecasted to grow steadily, with a 5-year CAGR of 1.04% and a total forecasted growth rate of 5.29%. By 2028, the expenditure is expected to reach CAD 1000 million.
Future trends to watch for:
• Potential impacts of global trade agreements on budget allocation.
• Increasing demand for stricter safety and inspection standards due to consumer awareness.
• Technological advancements and their influence on reducing inspection costs.
• Possible budget adjustments in response to national policy changes and economic conditions.
