Fortified wines sales in Canada have exhibited a general downward trend from 2013 to 2023, with a notable decline from 131.1 million CAD in 2013 to 96.82 million CAD in 2023. Year-on-year variations have fluctuated, though recent years show a more continuous decline with a -12.74% drop from 2022 to 2023. The five-year CAGR ending in 2023 was -3.3%, indicating an average annual decline in sales.
Forecasts from 2024 to 2028 predict a continued decline, with sales expected to reach 80.48 million CAD in 2028. The five-year CAGR for the forecasted period is -2.95%, leading to an overall decline of approximately 13.92% by 2028.
Future trends to watch for include shifts in consumer preferences towards other types of alcoholic beverages, potential immigration-driven market changes, and the impact of economic factors such as inflation on consumer spending. The rising demand for health-conscious alternatives might also negatively affect fortified wine sales.
