The total value of agricultural production at the farm gate in Canada stood at approximately 69.78 billion Canadian dollars in 2023. Between 2013 and 2023, the agricultural sector showed a trend of steady growth with variations in yearly percentage increase. From 2013 to 2018, annual growth rates varied, peaking in 2014 at 6.09% before declining to 0.72% in 2018. After a slight increase to 2.36% in 2019, growth continued at a fairly stable pace, reaching 2.43% in 2023. The Compound Annual Growth Rate (CAGR) also reflected fluctuations, with a five-year CAGR of 3.01% in 2023.
From 2024 onwards, forecast data suggests a moderate growth trajectory with a forecasted five-year CAGR of 1.73%, resulting in a cumulative growth rate of 8.95% by 2028. Future trends to watch for include the impact of technological advancements in agriculture, climate change impacts, policy changes, and shifts in global agricultural trade dynamics. These factors are expected to influence the rate and sustainability of growth in the agricultural sector.
