Spirits sales in Canada have shown steady growth over the past decade. From 2013 to 2023, sales increased from 160.27 million liters to 197.23 million liters. Notably, the most significant annual growth rates occurred in 2020 (3.99%) and 2021 (5.75%), reflecting a surge in demand.
From 2022 to 2023, the market experienced a 1.87% increase, displaying consistent, albeit moderate growth. The five-year CAGR from 2019 to 2023 stood at 2.79%, indicating a healthy upward trend over the medium term.
Future trends forecast spirits sales to continue growing, with an expected five-year CAGR of 1.35%, culminating in an anticipated volume of 214.79 million liters by 2028. This represents a total growth of 6.96% from 2024 to 2028.
Trends to watch for:
- Impact of health and wellness trends on consumer preferences.
- Expansion of premium and craft spirits segments.
- Potential regulatory changes affecting the industry.