Business & Policy
Canadian agriculture projected to grow
By Top Crop Manager
Agriculture and Agri-Food Canada (AAFC) released its Medium Term Outlook (MTO), an economic projection of the domestic and international agricultural markets from 2017 to 2027. This year's projections show continued growth for the agricultural sector and put Canada within reach of its $75 billion target in agriculture, agri-food and seafood exports annually by 2025.
Highlights from the MTO report include:
- The crop sector, particularly oilseeds, is projected to see increased production and exports.
- Moderate growth is expected for the Canadian livestock sector.
- Poultry demand is projected to remain strong, and production is projected to increase throughout the medium term while consumption of eggs in Canada is projected to continue to increase.
AAFC is also releasing its Farm Income, Financial Conditions and Government Assistance Data Book 2017, an economic publication that provides a comprehensive view of the performance of the primary agriculture sector and the expenditures that governments are making to ensure it remains strong and competitive.
Together, the MTO and Data Book provide governments and industry with reliable information that can be used in policy development and strategic planning for the Canadian agriculture and food sector, which will help support its continued growth.
Overall, strong to moderate growth is projected for the agricultural sector. In 2018, the net worth of the average farm is expected to increase to $3.16 million and net cash income is forecast to be $15.6 billion, according to the 2018 Canadian Agricultural Outlook.