In 2023, household expenditure on honey in Canada was observed at CAD 8.95. The forecast data from 2024 to 2028 suggests a gradual decrease in spending, with values declining from CAD 8.82 in 2024 to CAD 8.31 in 2028. This indicates a consistent downward trend in honey expenditure, with year-on-year percentage decreases of approximately 1.47% in 2025, 1.49% in 2026, 1.52% in 2027, and 1.42% in 2028. Over the five-year period from 2023 to 2028, the compound annual growth rate (CAGR) shows an average annual decline rate.
Future trends to watch for include potential shifts in consumer preferences towards alternative sweeteners or honey substitutes, as well as market responses to environmental factors affecting honey production, such as climate change and bee population dynamics.
