In 2023, the distilleries industry revenue in Canada stood at 1,798.2 million CAD. Over the past decade, the industry has experienced consistent growth, moving from 977.35 million CAD in 2013 to 1,798.2 million CAD in 2023. The year-on-year growth rates have varied, with notable increases of 16.72% in 2015 and 14.13% in 2016, followed by more moderate growth rates around 4-5% in recent years. The CAGR from 2018 to 2023 was 6.32%, indicating a stable upward trend.
However, the forecast indicates a modest CAGR of 2.93% from 2024 to 2028, suggesting a deceleration in growth rates compared to the past five years. The projected total growth rate over this period is 15.54%, culminating in revenue of 2,163.7 million CAD in 2028.
Future trends to watch:
- Potential market saturation impacting growth rates
- Shifts in consumer preferences towards premium and craft spirits
- Impacts of regulatory changes and international trade policies on market dynamics
- Technological advancements in production and distribution channels
