Analyzing the beef meat demand in Canada from 2014 to 2023 reveals a general declining trend. The values in thousand metric tons have decreased from 1,070 in 2014 to 950 in 2023. Significant year-on-year variations include a 6% drop in 2015 and a 5.58% decrease in 2016. Between 2019 and 2021, fluctuations were minor, with a slight increase of 1.37% in 2021. However, the demand continued to decline, showing a year-on-year decrease of 0.63% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at -0.88%, indicating a steady decline.
Forecasted data suggests this downward trend will persist, with beef demand expected to fall to 921.72 thousand metric tons by 2028, representing a forecasted CAGR of -0.5% over the next five years.
Future trends to watch for include potential shifts in consumer preferences towards alternative protein sources, the impact of economic factors on meat consumption, and possible changes in import-export balances due to trade policies and global market dynamics.
