Canadian soybean oil production has seen significant variations over the past decade. In 2023, production stood at 408 thousand metric tons, marking a year-on-year increase of 1.75%. From 2014 to 2023, production experienced an average annual growth rate (CAGR) of 1.33%. After steep rises from 2014 through 2018, production fluctuated but continued to grow steadily. Notable changes include a 19.15% increase in 2015 and a 12.02% rise in 2018, with periods of decline like a 3.25% drop in 2020.
Future trends indicate a continued modest growth in soybean oil production, with forecasts showing an annual increase and a five-year CAGR of 1.34% leading up to 2028. Total growth over this forecast period is expected to be 6.86%, reaching 444.72 thousand metric tons by 2028. Close monitoring of factors such as climate change, advancements in agricultural technology, and shifts in global demand will be crucial in understanding future production dynamics.
