With help from growth in domestic processing and biofuel production, the value of canola to the Canadian economy has more than doubled in the past decade, a new study shows.
Commissioned by the Canola Council of Canada (CCC) and undertaken by GlobalData, the study shows canola now generates an average of $43.7 billion annually, increasing by $30.5 billion since 2012-13.
“This has been a period of major investment by the industry,” said Chris Davison, CCC president and CEO. “With expansion underway in canola processing here in Canada, we are seeing a sizeable investment of capital and an important opportunity to support growth in value-added production in the years ahead.”
The study includes the latest data for 2022-23 and previous years (which are officially revised and updated over time), and presents averages of the three years, 2020-21 – 2022-23. This is the fifth time GlobalData (formerly LMC International) has done this analysis on the canola value chain.
The study found that since 2012-13:
GlobalData analyzed 11 individual segments of the canola value chain, with the majority of economic benefits stemming from the business of growing canola. Beyond contributing significantly to farm family incomes, canola production drives investments in research, seed development, equipment, fertilizers, crop protection and a broad array of business management services. Together, these activities contribute approximately $25 billion to Canada's economy each year.
“The canola value chain is committed to canola’s continued success by improving production, nurturing opportunities for growth and diversification, and leveraging the unique qualities of our outstanding products,” Davison said. “Canola’s impact is felt across Canada and around the world, and it remains a source of immense pride for our industry.”
