Key regions: United States, Brazil, Germany, Italy, Spain
The Agriculture market in Canada has been experiencing significant growth in recent years, driven by a variety of factors.
Customer preferences: Consumers in Canada are increasingly interested in locally-sourced, organic, and sustainably-produced food products. This trend has led to a rise in demand for products such as fruits, vegetables, and meats that are grown or raised using environmentally-friendly methods. Additionally, there is a growing interest in plant-based diets, which has led to an increase in demand for alternative protein sources such as soy and lentils.
Trends in the market: One of the key trends in the Canadian Agriculture market is the increasing use of technology in farming practices. Farmers are adopting precision agriculture techniques, such as using drones and satellite imagery to monitor crops and soil conditions, to improve crop yields and reduce costs. Additionally, there is a growing interest in vertical farming, which involves growing crops in vertically-stacked layers in controlled environments. This method allows for year-round production and reduces the need for pesticides and herbicides.Another trend in the Canadian Agriculture market is the increasing focus on exports. Canada is a major exporter of agricultural products, particularly to the United States and Asia. The government has been actively promoting Canadian agricultural products overseas, and there has been a growing demand for Canadian products due to their reputation for quality and safety.
Local special circumstances: Canada has a unique climate and geography that presents both opportunities and challenges for the Agriculture market. The country has a large amount of arable land and a relatively small population, which has led to a focus on export-oriented agriculture. However, the northern climate and short growing season can make it difficult to grow certain crops, particularly in more remote areas.
Underlying macroeconomic factors: The Canadian Agriculture market is influenced by a variety of macroeconomic factors, including global commodity prices, exchange rates, and government policies. The industry is heavily subsidized by the government, which provides support to farmers through programs such as crop insurance and subsidies for research and development. Additionally, the North American Free Trade Agreement (NAFTA) has had a significant impact on the Agriculture market, as it has facilitated trade between Canada, the United States, and Mexico. The recent renegotiation of NAFTA, which resulted in the creation of the United States-Mexico-Canada Agreement (USMCA), is expected to have a significant impact on the Agriculture market in Canada.
Data coverage:
The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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