A report released tby the Canola Council of Canada (CCC) demonstrates the tremendous growth in canola’s contribution to the Canadian economy, which now equates to $19.3 billion.
“Demand for canola is growing as the world seeks healthier oils and more protein. Producers and industry are meeting that challenge and canola has become a powerful engine in Canada’s economy,” said CCC president Patti Miller. “This report shows how those fields of yellow are creating more opportunity for people all across Canada.”
The report shows that canola directly or indirectly accounts for 249,000 Canadian jobs.
The report, called The Economic Impact of Canola on the Canadian Economy, was developed by LMC international, a leading agri-business research firm. The study was prepared as part of the Canola Market Access Plan (CMAP) with funding from the CCC and Agriculture and Agri-Food Canada under the Agricultural Flexibility Fund (under Canada’s Economic Action Plan).
LMC used best practices to estimate the total benefits rippling through the economy as Canadian-grown canola is developed, grown, processed and marketed. The latest economic impact estimates were based on data from three crop years: 2009/10, 2010/11 and 2011/12.
The analysis showed that canola’s total contribution to the Canadian economy has more than doubled in less than a decade. Wages linked to the industry’s impact have more than tripled during the same period.
More than 85 per cent of canola grown here is exported to markets around the world, bringing billions of dollars into Canada every year. In the past few years Canada’s canola production has boomed, driven by strong global demand as research reinforces the health benefits of canola oil and the advantages of canola meal for livestock feed. The canola industry is building on these advantages by investing in market development, market access, innovation, productivity improvements and research around additional health traits.
“Canola is truly a made-in Canada success story and a significant contributor to Canada’s economy,” Miller said. “Our continued focus on innovation and trade will help build on that growth.”