Canola contributes $43.7 billion to the Canadian economy
The value of canola to the Canadian economy has more than doubled in the past decade, and now contributes an average of $43.7 billion per year.
These numbers come from the GlobalData Plc report, “The Economic Impact of Canola on the Canadian Economy: 2024 Update,” commissioned by the Canola Council of Canada (CCC). The $43.7 billion is an average of the three years: 2021-22, 2022-23 and 2023-24.
About $38 billion of the economic impact happens on the Prairies, with almost $20 billion in Saskatchewan alone. The canola sector supports 206,000 Canadian jobs, including farmers, farm family members and employees in all stages of the value chain from seed development to end uses in food and biofuel production. Of that number, 194,000 live and work on the Prairies.
Canola crop production contributes $25 billion of the total economic impact of canola. This includes canola hybrid seed development as well as farm gate revenues and farm employee wages. Farm gate revenues (not just profit) allow the study to capture the economic impact of the inputs involved in canola production.
Canola contributes another $18.7 billion to the economy through grain handling, transportation, processing, port activities and end uses beyond the farm gate.
Canola processing and refining continues to become a bigger part of canola’s economic contribution in Canada, generating more than six times the economic impact in 2022-23 compared to 2012-13.
The impact of canola-based biofuel production has also seen growth over the last decade, rising from $70 million in 2012-13 to $1.1 billion in 2022-23.
For more on the economic impact study, including the full report, visit the Economic Impact page on canolacouncil.org.
Of the $43.7 billion total economic impact, the Prairies generate $38.4 billion.
Since 2012/13, total economic impact has more than doubled, increasing by $30.5 billion.
This graphic breaks down the $43.7 billion by sector. The $25 billion for growing canola and developing seed captures the impact of seed development and all other farm inputs at this stage in the value chain.
