Over the past decade, household expenditure on chilled, frozen, canned, or bottled soup in Canada has shown fluctuations. Expenditure was inconsistent between 2013 and 2017, averaging around 43-45 Canadian Dollars, but demonstrated significant growth starting from 2019, where it peaked at around 55 Canadian Dollars in 2020. Over the last two analyzed years (2022-2023), there was stability with no significant change in expenditure.
The Compound Annual Growth Rate (CAGR) from 2019 to 2023 stands at 1.58%, indicating modest growth overall. Looking forward, the forecasted CAGR for 2024-2028 is expected to be much slower at 0.31%, predicting a growth rate of 1.54% over these 5 years.
Future trends to watch for include:
- Consumer preferences for more convenient, ready-to-eat meals.
- Potential shifts towards healthier or premium soup options.
- Economic factors that might impact overall household spending power.
- Technological advancements in food preservation and packaging.
