Vegetable oil sector shows record growth
Production of canola and soybean oils in Canada hits an all time high
Toronto, Ont. – Canada’s vegetable oil sector has achieved record growth in the 12 months ended July 2012, having produced 3.4 million tonnes of canola and soybean oils, more than double its 2005 production.
According to the Vegetable Oil Industry of Canada, a not-for-profit association representing oilseed growers and processors, seed developers and suppliers, higher than normal production rates are due to growing domestic demand for healthy oils, as well as escalating international demand.
Canada exported 2.8 million tonnes of vegetable oil in the 12 months ended July 2012, with the U.S. and China accounting for 2.4 million tonnes. Exports of vegetable oil to the two countries have increased 100 per cent and more than 300 per cent respectively since 2007.
The association expects capacity to increase by 50 per cent by 2015, based on current expansion and investment plans by companies such as Cargill and Bunge Canada.