The forecast for the import of natural gum, resin, gum-resin, and balsam to Canada shows a gradual decline from 2024 to 2028. Starting at USD 3.17 million in 2024, it is projected to decrease to USD 3.06 million by 2028. In comparison to 2023, where the actual value stood at around USD 3.19 million, the imports demonstrate a conservative downward trend.
Over the forecasted period, the Compound Annual Growth Rate (CAGR) reflects a subtle negative growth, indicating a slow but steady reduction in demand or shift in sourcing strategies. Factors contributing to this may include market diversification or substitution with synthetic options.
Future trends to watch include changes in global supply chain dynamics, developments in alternative, eco-friendly materials, and shifts in regulatory environments impacting import practices and consumer preferences in Canada. Monitoring these variables will be critical for stakeholders in the natural resin industry to adapt to market changes effectively.
