Canada: Biodiesel Market 2024

Biodiesel Market Size in Canada

The Canadian biodiesel market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Biodiesel Production in Canada

In value terms, biodiesel production reduced to $X in 2021 estimated in export price. Overall, production posted prominent growth. The growth pace was the most rapid in 2014 when the production volume increased by 71%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Biodiesel Exports

Exports from Canada

In 2021, after two years of growth, there was decline in overseas shipments of biodiesel, when their volume decreased by -2.3% to X tons. In general, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 134%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then shrank slightly in the following year.

In value terms, biodiesel exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 111% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

The United States (X tons) was the main destination for biodiesel exports from Canada, accounting for a approx. 99% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +20.6%.

In value terms, the United States ($X) also remains the key foreign market for biodiesel exports from Canada.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +21.7%.

Export Prices by Country

The average biodiesel export price stood at $X per ton in 2021, jumping by 49% against the previous year. In general, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, biodiesel export price increased by +72.2% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +0.9% per year.

Biodiesel Imports

Imports into Canada

In 2021, approx. X tons of biodiesel were imported into Canada; shrinking by -2% on the previous year's figure. Over the period under review, total imports indicated a notable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +50.6% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 31% against the previous year. Imports peaked at X tons in 2020, and then dropped modestly in the following year.

In value terms, biodiesel imports skyrocketed to $X in 2021. Overall, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 79% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, the United States (X tons) was the main supplier of biodiesel to Canada, accounting for a 94% share of total imports. Moreover, biodiesel imports from the United States exceeded the figures recorded by the second-largest supplier, Singapore (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-15.8% per year) and the Netherlands (-31.4% per year).

In value terms, the United States ($X) constituted the largest supplier of biodiesel to Canada, comprising 92% of total imports. The second position in the ranking was taken by Singapore ($X), with a 7.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-14.9% per year) and the Netherlands (-36.5% per year).

Import Prices by Country

In 2021, the average biodiesel import price amounted to $X per ton, increasing by 44% against the previous year. Overall, the import price, however, showed a slight downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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