The forecasted production of soybeans in Canada shows a steady increase from 6.89 million metric tons in 2024 to 7.39 million metric tons in 2028. As of 2023, the production stood at an actual value of 6.76 million metric tons. The year-on-year growth in production is projected to range between 1.9% and 2.1% annually, indicating a stable and moderate increase in output. The Compound Annual Growth Rate (CAGR) for the period from 2024 to 2028 is approximately 2.2%, reflecting consistent expansion within the sector.
Key future trends to watch for include:
- Technological advancements in farming practices influencing yield.
- Climatic changes impacting soybean cultivation and productivity.
- Global market demand shifts affecting export opportunities.
- Policy changes in agriculture that may alter production strategies.
