Annual Farm Credit Canada survey reveals positive outlook for industry
Regina, Sask. – According to the fifth annual Farm Credit Canada (FCC) national Vision panel survey, optimism among Canadian agriculture and agri-food producers is at an all-time high.
The survey, of approximately 4,500 agri-business producers and operators across the country, looked at views on the state of agriculture in Canada.
In total 80 per cent of participants reported that they believe their business will be better off in five years, compared to 2010’s survey in which 76 per cent said they believed they would be better off.
Seventy-seven per cent of respondents also reported being better off today than they were five years ago, compared to 67 per cent in 2010. An additional 58 per cent of producers say they plan to diversify or expand their operations within the next five years. And seven out of 10 respondents said they would recommend a career in primary production to friends and family members.
In addition, the survey revealed differences in attitudes across the country. For example, respondents in Saskatchewan were the most optimistic, at 82 per cent, while producers in the Atlantic provinces and B.C. were the least, at 74 and 75 per cent respectively.
There were vast differences by sector as well. Eighty-four per cent of dairy producers reported feeling optimistic, compared to 81 per cent of poultry producers, 75 per cent of hog producers, and 79 per cent of beef producers. Eighty-two per cent of crop producers said they were optimistic about the future.
According to FCC president and CEO Greg Stewart, “the results are great news,” noting that respondents cited expectations of profitability, global demand for food, and reduction of debt as reasons for optimism. But, he adds, “At the same time, [producers] expressed caution due to factors beyond their control such as weather, unpredictable economic conditions and potential rising interest rates.”
For the full survey results visit www.fccvision.ca/research