From 2013 to 2023, the import value of sugars and sugar confectionery to Canada experienced significant fluctuations. It ranged from a high of $1.15 billion in 2014 to a low of $0.98 billion in 2015. Notably, 2023 saw the import value standing at $1.11 billion, a slight increase from 2022 by 0.79%. Over the past two years (2022-2023), the combined year-on-year variation was relatively stable at -0.37%.
The compound annual growth rate (CAGR) from 2018 to 2023 was modest at 0.26%, indicating a minor overall growth despite some yearly volatility. Between 2024 and 2028, imports are forecasted to grow steadily, reaching approximately $1.16 billion by 2028. The forecasted 5-year CAGR (2024-2028) is expected to be 0.57%, reflecting a cumulative growth rate of 2.89% over this period.
Future Trends to Watch:
- Potential regulatory changes impacting sugar imports
- Shifts in consumer preferences toward healthier or alternative sweeteners
- Economic factors affecting global sugar prices and import costs
