Focusing on agriculture could help increase Canada’s global market share by 30 percent, according to the report “Food First: How Agriculture Can Lead a New Era for Canadian Exports,” published by the Royal Bank of Canada Thought Leadership.
The report presented a plan for the market share expansion that also aims to drive new agri-food exports valued at $44 billion by 2035. The RBC collaborated with the BCG Centre for Canada's Future to develop a model projecting export market share potential.
“While Canada's agricultural exports have quadrupled in value since 2000, its global market share has shrunk by 12 percent as competitors like Brazil and Australia expand into high-growth regions. With rising trade uncertainty and escalating tariffs in North America, Canada must accelerate efforts to diversify its trading partners, particularly in Southeast Asia, Africa, and the Middle East,” said report author Lisa Ashton, agriculture policy lead at RBC Thought Leadership, in a statement.
The Food First report also outlined a national roadmap highlighting Canada’s agricultural potential.
“Canada has long been one of the world's leading food producers. We have an opportunity to turn agriculture into a driving force for trade diversification and if we act now, we can ensure Canadian farmers, processors, and exporters are well-positioned to lead the global food economy rather than losing ground to competitors,” said John Stackhouse, senior vice president in RBC’s Office of the CEO, in a statement. “This report lays out a clear roadmap to strengthen our trade relationships, scale our agri-food industries, and make Canada a leader in sustainable, high-value food production.”
Other recommendations from the Food First report including:
- Adopting precision farming and food processing technologies
- Scaling up agri-food processing clusters
- Providing 5G and high-speed internet in rural Canada
- Modernizing ports, logistics, and transportation networks to limit bottlenecks
Improve market development efforts and regulatory alignment in Southeast Asia, Africa, and Latin America