The Dairy Product Manufacturing Revenue in Canada showed a growth from 2013 to 2023, starting at CAD 14.25 billion in 2013 and reaching CAD 18.578 billion in 2023. The industry experienced varied growth rates over this period, with significant fluctuations, such as a notable increase of 8.88% in 2016 and smaller growth rates like 0.91% in 2019. The last two years have seen a steady growth with increases of 2.11% in 2022 and 2.05% in 2023. The five-year CAGR from 2018 to 2023 stands at 2.01%.
Looking ahead, the forecasted data shows a continuous growth trajectory with the revenue expected to reach CAD 20.385 billion by 2028. The projected five-year CAGR from 2024 to 2028 is 1.47%, with an overall forecasted growth rate of 7.59% during this period.
Future trends to watch for include potential impacts of technological advancements in dairy production, shifts in consumer preferences towards plant-based products, and regulatory changes that could affect production costs and pricing strategies within the industry.
