The Coffee and Tea Manufacturing industry in Canada experienced several fluctuations in revenue from 2013 to 2023. The highest annual growth was recorded in 2013 with a 59.61% rise. However, 2014 saw a significant decline of 18.02%. From 2015 to 2020, the industry showed periodic growth, peaking in 2017 with a 17.64% increase. Revenue maintained a downward trend starting in 2018, showing minor growth in 2020 at 5.32%. From 2021 to 2023, the industry faced consistent slight declines, with a 1.79% decrease reported for 2023. The 5-year CAGR by the end of 2023 stood at -1.67%, reflecting a slow but steady decline.
Forecasts from 2024 to 2028 suggest a continued decrease in revenue, with the industry's 5-year CAGR projected at -1.48%. Future trends to watch for include shifts in consumer preferences towards specialty teas and organic products, the impact of climate change on coffee bean production, and fluctuating raw material costs affected by global supply chain dynamics.
