The data on wheat production at the farm gate in Canada shows a general decline from 2013 to 2018, with significant drops in 2014, 2018 and minor decreases in between. This trend changes slightly from 2019 onward, demonstrating a recovery phase with year-on-year increases recorded in 2019, 2020, 2021, and 2022. As of 2023, wheat production stood at 6.00 Billion US Dollars, showing a moderate growth trend that continues into the forecasted period up to 2028.
Over the past two years, the year-on-year variation was modest at around 1.27%. The five-year CAGR leading up to 2023 shows an annual average increase of 3.39%, indicating a general upward trend in production value despite past declines.
Looking ahead, the forecasted CAGR from 2024 to 2028 is expected to moderate to 0.94%, suggesting stable yet modest growth. The overall forecasted growth rate for the next five years reaches 4.77%, reflecting a potentially steady and resilient production value for Canadian wheat on the horizon.
Future trends to watch for include the impact of climate change on agricultural yields, advancements in farming technology, and international market demand, which may further influence production values and potentially alter current growth trajectories.
