Canada: Soya Bean Market 2024

Soya Bean Market Size in Canada

In 2022, the Canadian soya bean market was finally on the rise to reach $X after four years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Soya Bean Production in Canada

In value terms, soya bean production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a mild contraction. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

The average yield of soya beans in Canada expanded modestly to X tons per ha in 2022, with an increase of X% compared with the year before. Over the period under review, the yield saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the yield increased by X%. As a result, the yield attained the peak level of X tons per ha. From 2021 to 2022, the growth of the average soya bean yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of soya beans in Canada dropped slightly to X ha, with a decrease of X% compared with the year before. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the harvested area increased by X% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2018 to 2022, the growth of the soya bean harvested area remained at a lower figure.

Soya Bean Exports

Exports from Canada

In 2022, shipments abroad of soya beans decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when exports increased by X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, soya bean exports expanded markedly to $X in 2022. Overall, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for soya bean exports from Canada, accounting for a X% share of total exports. Moreover, soya bean exports to China exceeded the volume sent to the second major destination, Iran (X tons), twofold. The third position in this ranking was taken by Italy (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and Italy (X% per year).

In value terms, China ($X) remains the key foreign market for soya beans exports from Canada, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports. It was followed by Iran, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Iran (X% per year).

Export Prices by Country

In 2022, the average soya bean export price amounted to $X per ton, growing by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into Canada

In 2022, purchases abroad of soya beans increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports posted prominent growth. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, soya bean imports soared to $X in 2022. Overall, imports continue to indicate a prominent increase. The growth pace was the most rapid in 2021 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of soya bean to Canada, with a X% share of total imports. Moreover, soya bean imports from the United States exceeded the figures recorded by the second-largest supplier, Togo (X tons), eightfold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Togo (X.9% per year) and India (X% per year).

In value terms, the United States ($X) constituted the largest supplier of soya beans to Canada, comprising X% of total imports. The second position in the ranking was held by Togo ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Togo (X.4% per year) and India (X% per year).

Import Prices by Country

In 2022, the average soya bean import price amounted to $X per ton, increasing by X% against the previous year. In general, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soya bean import price increased by X% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Togo ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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