The value added of Accommodation and Food Services in Canada observed substantial growth from 2023 to 2028. The forecast for 2024 is CAD 58.11 billion, gradually increasing to CAD 65.62 billion by 2028. Based on year-on-year percentage variation, we see consistent growth: approximately 3.29% from 2024 to 2025, 3.13% from 2025 to 2026, 3.02% from 2026 to 2027, and 2.90% from 2027 to 2028. The overall Compound Annual Growth Rate (CAGR) from 2023 to 2028 is appreciably stable, indicating a solid trajectory for the sector.
Future trends to watch for include:
• Technological advancements in food ordering and delivery
• Increased tourism and travel boosting demand
• Potential economic fluctuations impacting disposable income and spending on food and accommodation
• Sustainability practices gaining traction in the sector
• Impact of labor shortages on service quality and capacity
