The meat product manufacturing industry in Canada has shown a consistent upward trajectory from 2013 through 2023, with the revenue standing at 36.088 Billion Canadian Dollars in 2023. The year-on-year variation has fluctuated, with notable growth spikes in years like 2014 (6.56%) and 2017 (6.63%). However, there were slight downturns, like in 2018 with a -0.77% change. Over the last two years, the growth has been stable at around 3.55% and 3.4% respectively. Analyzing the compound annual growth rate (CAGR) over the last five years, we observe an average annual growth of 4%.
Looking ahead, the forecast predicts a continuation of growth, albeit at a moderately slower CAGR of 2.35% over the next five years, culminating in an estimated revenue of 41.843 Billion Canadian Dollars by 2028. This future growth suggests an overall increase of 12.29% from 2024 levels.
Future trends to watch for include:
- Potential impacts of inflation on production costs and pricing strategies
- Shifts in consumer preferences towards plant-based and alternative proteins affecting market share
- Regulatory changes and trade policies influencing export opportunities
