The Canadian spirits market has shown steady growth over the last decade, progressing from 2.5929 billion CAD in 2013 to 3.1073 billion CAD in 2023. In 2023, the value of spirits sales reached 3.1073 billion CAD. The year-on-year variations highlight some fluctuations, with significant increases in 2020 (5.94%) and 2021 (5.71%), while 2023 saw a moderate rise at 1.31%. Over the past five years, the compound annual growth rate (CAGR) was 3.25%, indicating a healthy market expansion.
From 2024 onward, the forecasted data anticipates continuous growth, with the market predicted to reach 3.304 billion CAD by 2028. Despite a lower CAGR forecast for the next five years at 0.98%, the overall five-year growth rate is expected to be 4.98%.
Future trends to watch for include:
- Potential shifts in consumer preferences towards premium and craft spirits.
- The impact of regulatory changes and taxation on spirits pricing.
- Technological advancements in production and distribution enhancing market efficiency.
- Increased competition from international spirits brands entering the Canadian market.