Analyzing the historical data for oil crops production in Canada reveals a generally positive growth trend, notwithstanding some fluctuations. The production stood at 29.036 million metric tons in 2023, reflecting a near 2% year-on-year increase. Over the past five years, the compound annual growth rate (CAGR) stabilizes at 0.37%, indicating modest but consistent growth. From 2013 to 2023, the overall trend has shown a seven-fold growth rate at particular intervals.
Future trends to watch for:
- Continuous increase in production with a forecast 5-year CAGR of 1.37% leading up to 2028.
- Potential external factors such as climate change, technological advancements in agriculture, and global oil crop market dynamics influencing future outputs.