The demand for soybean oil in Canada stood at 217.0 thousand metric tons in 2023. Over the last two years, there has been no year-on-year variation observed, maintaining a value of 0%. The five-year compound annual growth rate (CAGR) leading up to 2023 was 0.092%. Between 2014 and 2023, demand fluctuated, peaking at 221.34 thousand metric tons in 2021 and dropping as low as 200.0 thousand metric tons in 2015. From 2024 onwards, the demand is forecasted to grow modestly, reaching 218.07 thousand metric tons by 2028, with a five-year CAGR of 0.05% and a overall growth rate of 0.26%.
Future trends to watch for include:
• Potential increases in demand as plant-based oils continue to grow in popularity.
• Advances in agricultural technology which may affect production costs and supply.
• Policy and trade changes which could impact import and export dynamics for soybean oil.
• Consumer preferences shifting towards more sustainable and health-conscious products.
