The Canadian fortified wine market has exhibited a consistent decline from 2013 to 2023, with sales volume falling from 3.94 million liters to 2.06 million liters, representing a significant decrease. In recent years, after a brief uptick in 2020, the market resumed its downward trajectory, decreasing by 7.56% year-on-year from 2022 to 2023.
Over the last five years, the compound annual growth rate (CAGR) was -6.98%, highlighting a prolonged period of decline. Projecting forward, the forecast indicates a continuing decrease in sales, with an expected CAGR of -7.14% from 2024 to 2028, reducing sales to 1.31 million liters by 2028. This represents an estimated total decline of nearly 31% over the forecast period.
Future trends to watch for include:
- Shifts in consumer preferences towards other alcoholic beverages, potentially further impacting fortified wine sales.
- Emerging trends in low and no-alcohol products may influence fortified wine demand.
- Regulatory changes and economic factors affecting importation, production costs, and pricing strategies.
