The forecast for Canada's import of maize, excluding seed corn, shows a gradual increase from 2024 to 2028, starting at $406.08 million in 2024 and reaching $455.64 million by 2028. This suggests a steady year-on-year growth rate, averaging slightly above 3% annually, indicative of a consistent upward trend. In 2023, the value stood lower than the forecasted figures, underscoring a growth trajectory. The compounded annual growth rate (CAGR) over this five-year outlook predicts an average annual increase of about 3%.
Future trends to watch for:
- Impact of global supply chain disruptions on import volumes and prices
- Changes in Canadian agricultural policies influencing import needs
- Fluctuations in currency exchange rates affecting import costs
- Potential shifts in domestic maize production influencing import dependency
