The demand for soybeans in Canada is projected to rise from 2.94 million metric tons in 2024 to 3.10 million metric tons in 2028. This represents a steady increase in demand, averaging a year-on-year growth of approximately 1.36% over the five-year period. In 2023, the actual demand stood at 2.90 million metric tons.
Year-on-year variations reveal a consistent growth pattern:
- 2024 to 2025: 1.36% increase
- 2025 to 2026: 1.34% increase
- 2026 to 2027: 1.32% increase
- 2027 to 2028: 1.31% increase
Looking forward, several trends could influence future soybean demand in Canada:
- Shifts in consumer preferences towards plant-based protein options.
- Government policies related to sustainable agriculture and biofuel production.
- Global market dynamics and trade relationships affecting import and export decisions.
