From 2014 to 2023, regular beer sales in Canada experienced a generally declining trend with some intermittent growth. Sales peaked in 2018 at 917.95 million liters, followed by fluctuations and a consistent downturn from 2020. The year 2023 saw a sales volume of 753.11 million liters, marking a year-on-year decline of 3.01% and a five-year CAGR of -3.88%.
Forecasted data from 2024 to 2028 continue to indicate a persistent decline. By 2028, sales are expected to reduce to 639.88 million liters, with a five-year CAGR of -2.6%, resulting in an overall reduction of 12.35% from 2023 levels. Factors contributing to these declines include changing consumer preferences, health trends, and increased competition from other alcoholic beverages.
Future Trends to Watch For:
- Shifts in consumer preferences towards alternative alcoholic beverages such as craft beers, ciders, and hard seltzers.
- Increased health consciousness among consumers leading to reduced alcohol consumption.
- Regulatory changes and potential increases in excise taxes affecting retail prices and sales volume.
- Innovations and marketing strategies by major beer brands to counteract declining sales.
