The forecast for Canada's soybean production from 2024 to 2028 indicates a steady annual increase, reaching 7.8 million metric tons by 2028. As of 2023, actual production was at 7.14 million metric tons. This represents a consistent year-on-year growth, with an average annual increase of approximately 1.76%. The compound annual growth rate (CAGR) from 2024 to 2028 is projected to be around 1.77%, reflecting a stable, moderate growth trajectory in Canada’s soybean production.
Future trends to watch for:
- Impact of climate change on yield and production levels.
- Technological advancements in agriculture potentially affecting productivity.
- Trade policies influencing demand and market access for Canadian soybeans.
- Shifts in domestic and international soybean consumption patterns.
