In 2023, Canada imported an estimated 520.0 thousand metric tons of soybeans. The forecast indicates a steady increase in soybean imports through 2028, starting from 525.9 thousand metric tons in 2024 to 551.5 thousand metric tons in 2028. Year-on-year growth rates indicate modest increases of around 1.3% annually, suggesting a stable upward trend in soybean import demand. The compound annual growth rate (CAGR) for the period 2024 to 2028 stands at approximately 1.4%.
Future trends to watch for include:
- Diversification in sourcing countries due to trade policies.
- Impact of climate change and shifts in domestic agricultural policies.
- Global market demand for plant-based proteins affecting import dynamics.
