The demand for palm oil in non-food uses in Canada has shown a steady increase from 2014 to 2023, growing from 46.0 to 69.0 thousand metric tons. Over the past two years (2022-2023), the year-on-year variation was modest at around 1.47%. The five-year compound annual growth rate (CAGR) up to 2023 was 1.84%, indicating a slow but consistent growth trend. Historically, the most significant annual increase was observed in 2015 with a 19.57% rise, while growth stabilized to more moderate levels in subsequent years.
The forecast for the coming years (2024-2028) suggests a continuation of this trend, with a projected 1.39% annual growth rate (CAGR) and an overall growth rate of 7.14% by 2028, reaching 75.0 thousand metric tons.
Future trends to watch for include:
- Increased regulatory focus on sustainable sourcing of palm oil.
- Potential technological developments in palm oil alternatives.
- Market shifts due to environmental concerns and consumer preferences.
