The output of food in Canada, expressed in Billion Canadian Dollars, showed consistent growth over the past decade. As of 2023, the output stood at 127.06 Billion CAD. The year-on-year variations indicate the highest growth occurred in 2014 at 6%, while recent years exhibit a steady rise, with 2023 seeing a 2.69% increase. The CAGR over the last five years (2018-2023) is 3.05%, reflecting stable growth.
Forecasts for 2024 to 2028 predict a CAGR of 1.9%, slightly more modest than the past decade, with a forecasted 9.87% total growth over these five years. Key trends suggest continuous, albeit slower, expansion in Canada's food output market.
Future trends to watch for include:
• Technological advancements in agricultural production.
• Impact of climate change on crop yields.
• Shifts in consumer demand towards sustainable and organic products.
• Trade agreements and their influence on food exports.
• Government policies supporting innovation and productivity in the farming sector.