The value added of food manufacturing in Canada witnessed a significant upward trend from 2013 to 2023. The value increased steadily from 28.786 billion Canadian Dollars in 2013 to 47.62 billion Canadian Dollars in 2023, displaying consistent growth with key year-on-year variations such as 9.61% in 2016 and 6.78% in 2020. The 5-year compound annual growth rate (CAGR) has been robust, peaking at 6.86% in 2023.
Future trends highlight a continued positive trajectory with forecasts projecting an increase to 60.307 billion Canadian Dollars by 2028. The forecast 5-year CAGR remains healthy at 3.73%, indicating sustained industry expansion. Monitoring advancements in food manufacturing technologies and shifts in consumer preferences will be pivotal in capitalizing on projected growth.
