In 2023, Canada's Canola supply stood at 19.16 million metric tons. As we move into 2024, the supply is forecasted to reach 19.99 million metric tons, reflecting a year-on-year increase of 4.3%. Looking further ahead, the supply is expected to grow steadily: by 4.3% in 2025 to 20.84 million metric tons, by 4.1% in 2026 to 21.69 million metric tons, by 3.8% in 2027 to 22.52 million metric tons, and by 3.7% in 2028 to 23.35 million metric tons. Over the five-year period from 2024 to 2028, the Compound Annual Growth Rate (CAGR) is calculated to be 4.03%.
Future trends to watch for include changing climate conditions, advancements in agricultural technology, rising global demand for biofuels, and market fluctuations in response to trade policies. These factors could significantly impact Canada’s Canola supply dynamics in the coming years.