The meat market in Canada stood at 3.43 million metric tons in 2023. Since 2014, the market has shown both fluctuations and growth, with notable year-on-year variations. For instance, in 2015, the market grew by 1.98%, whereas 2016 saw a decline of 2.21%. Recent years displayed a positive trend, with a 2.36% increase in 2021 followed by a slight decline of 1.62% in 2022, and a marginal growth of 0.35% in 2023. The year-on-year variation for 2023 was 0.35%, and the compound annual growth rate (CAGR) over the past five years was 0.17%.
Looking ahead, the forecasted data suggests a slow yet steady growth, with the meat market anticipated to reach 3.49 million metric tons by 2028. The forecasted 5-year compound annual growth rate (CAGR) stands at 0.25%, contributing to an overall 1.25% growth over this period.
Future trends to watch for include potential impacts of dietary shifts toward plant-based alternatives, technological advancements in meat production, including lab-grown meat, and regulatory changes that may affect meat processing and distribution.
