Sunflowerseed oil production in Canada saw notable variation from 2014 to 2023. Production in 2023 stood at 27.0 thousand metric tons, reflecting a 3.85% increase from the previous year and a compounded annual growth rate (CAGR) of 2.38% over the last five years. Throughout the assessed period, production exhibited cyclical trends with significant growth spurts notably in 2015 (10.53%) and 2016 (19.05%), though it occasionally experienced dips such as in 2018 (-7.69%) and 2020 (-5%). Despite these fluctuations, the overall trend suggests moderate and consistent growth.
Looking ahead, the forecast indicates sunflowerseed oil production in Canada is expected to continue growing, albeit at a slower pace with a projected 1.22% CAGR over the next five years, reaching 29.05 thousand metric tons by 2028, indicating a total growth rate of 6.25% from 2023.
Trends to watch for include:
- Impact of climate change on crop yields.
- Technological advancements in agriculture.
- Shifts in domestic and global demand for sunflowerseed oil.
- Policy changes that affect agricultural production efficiency and support.