Canada: Soya Bean Market 2025

Soya Bean Market Size in Canada

In 2021, after three years of decline, there was growth in the Canadian soya bean market, when its value increased by 3.2% to $X. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Soya Bean Production in Canada

In value terms, soya bean production shrank to $X in 2021 estimated in export price. In general, production continues to indicate a slight setback. The growth pace was the most rapid in 2020 with an increase of 17%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

The average yield of soya beans in Canada fell to X tons per ha in 2021, with a decrease of -6.9% compared with the previous year. Overall, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the yield increased by 15%. As a result, the yield reached the peak level of X tons per ha, and then declined in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of soya beans production in Canada rose rapidly to X ha, increasing by 5.6% against 2020 figures. The harvested area increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 31%. As a result, the harvested area reached the peak level of X ha. From 2018 to 2021, the growth of the soya bean harvested area remained at a lower figure.

Soya Bean Exports

Exports from Canada

In 2021, approx. X tons of soya beans were exported from Canada; dropping by -1.6% on the year before. The total export volume increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 21%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, soya bean exports surged to $X in 2021. The total export value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 30%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Iran (X tons), China (X tons) and Indonesia (X tons) were the main destinations of soya bean exports from Canada, together comprising 33% of total exports. These countries were followed by Japan, Algeria, Italy, Bangladesh, the Netherlands, Belgium, the United States, Egypt, Norway and Switzerland, which together accounted for a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Algeria (with a CAGR of +177.4%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Iran ($X) and Japan ($X) appeared to be the largest markets for soya bean exported from Canada worldwide, with a combined 34% share of total exports. These countries were followed by Indonesia, Algeria, Italy, Bangladesh, the United States, the Netherlands, Belgium, Norway, Egypt and Switzerland, which together accounted for a further 44%.

Algeria, with a CAGR of +169.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soya bean export price stood at $X per ton in 2021, rising by 24% against the previous year. Over the period under review, the export price, however, continues to indicate a mild slump. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, the countries with the highest prices were the United States ($X per ton) and Japan ($X per ton), while the average price for exports to Switzerland ($X per ton) and Egypt ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.1%), while the prices for the other major destinations experienced mixed trend patterns.

Soya Bean Imports

Imports into Canada

After two years of decline, supplies from abroad of soya beans increased by 63% to X tons in 2021. Over the period under review, imports recorded buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 93%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, soya bean imports soared to $X in 2021. Overall, imports continue to indicate a strong expansion. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest soya bean supplier to Canada, accounting for a 84% share of total imports. Moreover, soya bean imports from the United States exceeded the figures recorded by the second-largest supplier, Togo (X tons), more than tenfold. Brazil (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Togo (+2,580.1% per year) and Brazil (+570.8% per year).

In value terms, the United States ($X) constituted the largest supplier of soya bean to Canada, comprising 80% of total imports. The second position in the ranking was held by Brazil ($X), with a 5.7% share of total imports. It was followed by Togo, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+526.9% per year) and Togo (+2,055.8% per year).

Import Prices by Country

In 2021, the average soya bean import price amounted to $X per ton, surging by 19% against the previous year. Over the period under review, the import price, however, continues to indicate a slight slump. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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