The ice cream and frozen dessert manufacturing industry in Canada has experienced fluctuating growth over the last decade. Most recently, in 2023, the industry was valued at 395.56 million Canadian dollars. The year-on-year growth for 2022 was 9.08%, and for 2023, it stood at 7.27%, indicating a steady increase. The CAGR over the last five years was 5.54%, reflecting consistent growth overall despite some variability.
From 2014 to 2023, the industry faced ups and downs, such as a significant dip in 2020 due to external factors like the global pandemic, followed by recovery. Post-2023, the market is expected to grow at a forecasted 5-year CAGR of 3.03%, achieving a 16.1% growth rate by 2028.
Future trends to watch for include consumer preferences shifting towards healthier options, innovations in plant-based and dairy-free frozen desserts, and increased investments in sustainable and eco-friendly packaging. Keeping an eye on these trends can offer new growth opportunities within the sector.
