The forecast for Canada's pea production shows a slight declining trend from 2024 to 2028, decreasing from 3.72 to 3.68 million metric tons. In 2023, actual production stood at 3.73 million metric tons. Year-on-year variations indicate a modest decrease, with the production dropping by approximately 0.27% annually during this period. The Compound Annual Growth Rate (CAGR) over the five-year forecast period is approximately -0.27%.
Future trends to watch for include:
- Impact of climate change on agricultural yields and harvest cycles.
- Market demand shifts, influenced by consumer preferences for plant-based protein sources.
- Advances in agricultural technology that may bolster productivity.
- Trade policy changes that could affect export opportunities.