The output of Food, Beverages, and Tobacco in Canada stood at 146.63 Billion Canadian Dollars in 2023. Over the past five years, from 2018 to 2023, the Compound Annual Growth Rate (CAGR) was 3.1%, showcasing steady moderate growth. The Year-on-Year (YoY) variation between 2022 and 2023 was 2.63%, indicating a slight decrease compared to previous years. From a longer period perspective dating back to 2013, the sector has shown overall growth with some fluctuation in annual growth percentages.
Future trends to watch for:
- More pronounced effects of inflation on production costs.
- Increased consumer demand for healthier options and sustainable practices.
- Technological advancements in food processing and manufacturing.
- Potential impacts of global trade policies and supply chain disruptions.