The forecasted trend for palm oil processing in Canada shows consistent but moderate growth in recent years. As of 2023, the volume stood at 45.0 thousand metric tons, representing a year-on-year growth of 2.27%. Across the last five years, the compound annual growth rate (CAGR) was observed at 1.88%. Historical data reveals that from 2014 to 2016, there was significant growth, notably 16.13% and 7.89% year-on-year increases in 2015 and 2017 respectively. However, growth rates stabilized to moderate levels from 2018 onwards.
- 2014: 31.0 thousand metric tons, 2.27% year-on-year growth
- 2015: 36.0 thousand metric tons, 16.13% year-on-year growth
- 2016: 38.0 thousand metric tons, 5.56% year-on-year growth
- 2017: 41.0 thousand metric tons, 7.89% year-on-year growth
- 2018: 41.0 thousand metric tons, 0% year-on-year growth
- 2019: 42.0 thousand metric tons, 2.44% year-on-year growth
- 2020: 43.0 thousand metric tons, 2.38% year-on-year growth
- 2021: 43.0 thousand metric tons, 0% year-on-year growth
- 2022: 44.0 thousand metric tons, 2.33% year-on-year growth
- 2023: 45.0 thousand metric tons, 2.27% year-on-year growth
The forecasted growth for 2024 to 2028 suggests a more moderate yearly average increase with a 5-year CAGR of 0.85% and an overall growth rate of 4.35%. This indicates a stable but slower rate of growth compared to the past.
Future trends to watch include potential shifts in consumer preferences towards sustainable and eco-friendly products, advancements in processing technology, and changes in import-export policies that could impact supply dynamics.
