In 2023, Canada's domestic consumption of soybeans stood at approximately 2.65 million metric tons. Forecasted data shows this consumption is expected to increase steadily from 2024 through 2028, reaching 2.76 million metric tons. Year-on-year variations indicate a minimal but consistent uptick, about 0.75% annually on average over the five-year period. This suggests a modest compound annual growth rate (CAGR) reflecting stable but conservative market expansion.
Future trends to watch for include potential shifts in dietary preferences towards plant-based options, which could drive higher consumption. Additionally, any changes in trade policies or domestic agricultural incentives might influence overall soybean demand. Environmental concerns and sustainability practices may also impact consumption patterns in the coming years.
