The forecast for soybean oil production in Canada indicates a consistent upward trend from 2024 to 2028, rising from 424.67 thousand metric tons in 2024 to 458.69 thousand metric tons in 2028. In 2023, production was at 416.0 thousand metric tons. The year-on-year growth rates demonstrate a steady increase of approximately 2% annually, reflecting a strong growth pattern. The cumulative average growth rate (CAGR) over these five years is expected at around 1.95%, signaling a healthy expansion trajectory.

Key trends to watch for future developments include:

Potential impacts of climate change on agricultural outputs, which could alter soybean yields.
Shifts in global demand for plant-based oils, influencing Canada's export opportunities.
Policy changes regarding agricultural investments and trade agreements which may affect production dynamics.