In 2023, the gross production of soybeans in Canada was valued at approximately $2.492 billion PPP. Forecasts indicate a steady growth trend from 2024 to 2028, as values rise yearly from 2024's $2.5305 billion to 2028's $2.687 billion. This represents annual growth, evident in percentages for each consecutive year, with the Compound Annual Growth Rate (CAGR) over the five-year period being significant. This upward trend suggests increasing production capabilities or market value of soybeans in Canada.
Future trends to watch include:
- Potential impacts of climate change on soybean yields.
- Market demand shifts, possibly influenced by global trade policies.
- Technological advancements improving agricultural efficiencies.
