The value added of animal slaughtering and processing in Canada has seen considerable fluctuations over the past decade with significant peaks and troughs. From a low of 6.34 billion CAD in 2014, it beat the effects of downward variations to reach 12.88 billion CAD in 2023. The year-on-year growth revealed an oscillating pattern of positive spikes and occasional dips. Over the last two years (2022-2023), the industry has observed an average year-on-year growth of 7.99%. Between 2020-2023, the compound annual growth rate (CAGR) was impressive at 9.52%.
For future trends from 2024-2028, the industry is forecasted to grow with a five-year CAGR of 4.66%, achieving a forecasted value of 17.31 billion CAD by 2028. The overall growth rate for this period is expected to be 25.59%.
Future trends to watch for include:
- Changes in consumer demand for meat and meat products.
- Impact of technological advancements in processing methods.
- Influence of regulatory changes and sustainability initiatives.
