The value added of the beverage and tobacco product manufacturing industry in Canada has grown steadily from 2013 to 2023, increasing from 7.78 billion CAD to 10.86 billion CAD. Despite a slight dip in growth in 2017 and 2020, the industry has maintained a positive trajectory. The most recent data from 2023 shows a subdued growth of 2.6% year-on-year. The five-year compound annual growth rate (CAGR) up to 2023 was 2.51%, indicating moderate expansion.
Looking ahead, the forecast from 2024 to 2028 suggests a more stable growth pattern, with a 5-year CAGR of 1.84% and an anticipated overall growth rate of 9.54%. Future trends to observe include shifts in consumer preferences toward healthier and non-alcoholic beverages. The potential introduction of stricter tobacco regulations and sustainability initiatives could also significantly impact industry dynamics.
