Canada's soybean exports are anticipated to grow steadily from 2024 to 2028. The forecast figures show gradual increments, starting at 4.64 million metric tons in 2024, reaching 5.04 million metric tons by 2028. In 2023, the actual exports were recorded at approximately 4.54 million metric tons. The year-on-year growth shows a consistent increase of around 2.16% from one year to the next. Over the five-year period, the compound annual growth rate (CAGR) stands at about 2.15%, indicating a stable growth trajectory for this commodity.
Future trends to watch for include global demand fluctuations influenced by geopolitical stability, climate impact on crop yields, and international trade agreements. Additionally, the increasing focus on plant-based food products could drive further demand for soybeans, potentially impacting export volumes.
