The Canola Council of Canada released a report today that demonstrates the recent growth in canola’s contribution to the Canadian economy, pegging it at $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,” says Canola Council of Canada (CCC) president Patti Miller. “This report shows how those fields of yellow are creating more opportunity for people all across Canada.”
According to the CCC’s press release, 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 UK-based 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.
“Canola is truly a made-in Canada success story and a significant contributor to Canada’s economy,” Miller says. “Our continued focus on innovation and trade will help build on that growth.”