Canada's demand for palm oil has shown a steady increase from 2014 to 2023, rising from 78.0 Thousand Metric Tons to 114.0 Thousand Metric Tons. On a year-on-year basis, the demand saw significant growth in 2015 (15.38%) and moderated to around 1.79% in 2023. Over the last five years, the compound annual growth rate (CAGR) is 1.85%. The anticipated forecast from 2024 to 2028 shows a slower CAGR of 1.21%, with an expected growth rate of 6.2% by 2028.
Future trends to watch for include shifts in consumer preferences towards sustainable palm oil, potential regulatory changes, and competitive pressures from alternative oils, which could impact the demand trajectory.
