A new report indicated that more than 40% of farm operators will retire in the next decade, causing a labor shortage in Canada.

The document, prepared by the Royal Bank of Canada, Boston Consulting Group's Center for Canada's Future, and the Arrell Food Institute at the University of Guelph, also pointed out that the country will lack 24,000 farmers, nurseries, and greenhouses.

Additionally, 66% of producers do not have a succession plan.

To address the shortage and lack of succession plans, the report said Canada will need to accept 30,000 permanent immigrants by 2033 to work on existing farms and greenhouses or to establish their own farms.

The state also recommends enhancing agricultural education and increasing spending on automation, making existing farms more efficient.

The report also stated that the shortage will come at a critical time, as the Canadian agricultural sector will need to significantly increase food production for the growing world population, while also needing to reduce greenhouse gas emissions to meet climate change goals.