Sunflower oil production in Canada reached 26.01 thousand metric tons in 2023, showing a steady increase with a year-on-year variation of 1.17%. Over the past two years, production showed an overall upward trend, rising from 23.83 thousand metric tons in 2020 to 25.91 thousand metric tons in 2021 before slightly stabilizing in the following years. The five-year CAGR stands at 1.79%, indicating moderate growth in the sector.
From 2024 onwards, forecasted values suggest a gradual increase in production, reaching 27.62 thousand metric tons by 2028. The forecast five-year CAGR is projected to be 0.92%, pointing to a consistent but modest growth rate. It's noted that the forecast five-year growth rate is around 4.71%, emphasizing steady expansion in the industry.
Future trends to watch for include advancements in agricultural techniques, climate change impacts, market demand fluctuations, and potential trade policy changes, all of which could significantly influence production levels and market dynamics in the sunflower oil industry in Canada. Monitoring these factors will be crucial to understanding growth and adjusting strategies accordingly.