The import of domestic electric coffee or tea makers to Canada showed significant fluctuations from 2013 to 2023, reaching a value of $163.35 million in 2023. Year-on-year growth rates have varied, seeing a substantial drop in 2015 by -33.49%, followed by more stabilized growth phases and minor declines.
The recent years, particularly 2022 and 2023, showed more consistency with incremental year-on-year growth of 0.17% and 2.08% respectively. The Compound Annual Growth Rate (CAGR) over the last five years was 3.04% indicating mild but stable growth.
Future trends suggest a forecasted steady growth at a 5-year CAGR of 1.59%, with an 8.19% overall growth rate by 2028. The market appears to be stabilizing with moderate growth predicted.
**Future Trends to Watch:**
- Innovations in eco-friendly and energy-efficient coffee and tea makers
- Rising consumer preference for premium and smart appliances
- Impact of economic fluctuations and trade policies
- Changes in consumer lifestyle and increase in home-based coffee and tea consumption
