The revenue of the Dairy Product (Except Frozen) Manufacturing sector in Canada has shown a steady growth over the years, reaching 17.914 billion CAD in 2023. The year-on-year growth rate has been moderate but consistent, with slight declines in the early 2010s but significant growth from 2016 onwards. The last two years saw a year-on-year variation of approximately 2.54% to 2.45%. Over the past 5 years, the compound annual growth rate (CAGR) was around 2.41%.
Forecasts indicate a continuation of this positive trend, with revenues expected to reach 19.993 billion CAD by 2028. The anticipated CAGR for the next 5 years is 1.74%, reflecting steady growth.
- Historical analysis indicates a recovery from dips in the early decade to steady growth from 2016.
- Recent years showed consistent growth with year-on-year variations around 2.5%.
- The forecast suggests a CAGR of 1.74%, with total revenue growth of 9.02% over the next 5 years.
Future trends to watch for include potential impacts of consumer preferences shifting towards plant-based alternatives, regulatory changes, and technological advancements in dairy production. Monitoring these factors will be critical for maintaining and capitalizing on growth.
