From 2013 to 2017, North American oil crops production saw steady growth, peaking at 167.84 million metric tons in 2017, demonstrating positive year-on-year increases. The production then declined significantly in 2019 to 140.51 million metric tons but recovered, reaching 156.56 million metric tons by 2023. This short-term recovery is illustrated by an overall CAGR decline of approximately -1.1% over the past five years. Forecast projections from 2024 to 2028 show a return to moderate growth, with an average annual increase of approximately 0.81%, and a total growth rate of 4.1% over the five years.
Future trends to watch for:
- Technological advancements in agricultural practices
- Impact of climate change on crop yields
- Government policies affecting agricultural production
- Market demand shifts due to alternative food sources and biofuels
