Soybean Farming in Canada - Industry Market Research Report

Cool beans: Growing export markets and increasing farm yields will prompt revenue growth

Revenue for soybean farmers has grown because of growth in soybean prices and exports. Exports account for the majority of revenue, so fluctuations in international demand have an outsized impact on revenue. Growth in exports has largely been fuelled by growth of 28.0% in 2019, when exports to Iran grew by about 500.0%. Trade tensions between Canada and China have prevented further growth in exports. The Canadian government has criticized several social policies enforced by the Chinese administration. Canada has also supported its ally, the United States, in trade disputes with China. These events have resulted in exports to China falling more than 50.0% since 2018. Revenue for soybean farmers has grown at a CAGR of 2.1% to $6.0 billion through the end of 2023, despite a slump of 0.3% in 2023 alone. This industry grows soybeans. Soybeans are most often used in livestock feed and vegetable oils, although a growing proportion of the crop produced by this industry is being used in biofuel production. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.