The animal food manufacturing industry in Canada has demonstrated steady growth from 2013 to 2023, with revenue standing at CAD 10.888 billion in 2023. Over the long-term, the sector experienced fluctuations but managed a consistent upward trajectory overall. Year-on-year variations indicate periods of robustness and slight contractions, reflecting external factors impacting the industry. The compound annual growth rate (CAGR) over the last five years stood at 3.46%, highlighting steady progress.
Notably, the forecast suggests continued growth, with an expected revenue of CAD 12.303 billion by 2028. The forecasted five-year CAGR is 1.94%, translating to a total growth rate of 10.08% over this period. This suggests moderate, yet consistent, growth for the foreseeable future.
Future trends to watch for:
- Increasing emphasis on sustainability and eco-friendly production methods.
- Rising demand for specialized and premium animal food products.
- Technological advancements in manufacturing processes.
- Potential impacts of regulatory changes and trade policies.
