From 2014 to 2023, the rice and products market in Canada exhibited fluctuating volumes. In 2014, the volume stood at 484 thousand metric tons, dropping to 465 thousand metric tons in 2015, followed by an increase in 2016 to 522 thousand metric tons. However, a downward trend ensued, with minor fluctuations, leading to a volume of 474 thousand metric tons in 2023. The year-on-year percentage variation shows notable volatility, with significant declines and increases occurring in 2015, 2016, and 2017. The Compound Annual Growth Rate (CAGR) over the last five years indicates a marginal average yearly decline of -0.084%.
From 2024 onwards, the market is forecasted to decline slightly with a 5-year CAGR of -0.13%, resulting in a predicted volume of 470 thousand metric tons by 2028. Future trends to watch for include shifts in consumer preferences towards alternative grains, potential impacts of climate change on rice production, and emerging health trends that could influence the demand for rice and rice products in Canada.
