In 2023, household expenditure on coffee and tea in Canada stood at approximately CAD 205.23. Forecast data indicates a steady increase in spending: CAD 209.55 in 2024, up to CAD 226.7 by 2028. The year-on-year growth is roughly consistent, with an average annual increase of 2-2.5%. The compound annual growth rate (CAGR) from 2024 to 2028 is about 2.02%, showing a stable upward trend.
Future trends to watch:
- Increasing consumer preference for specialty and premium coffee options.
- Rising influence of health and wellness trends, boosting demand for organic and low-caffeine products.
- Potential impact of economic conditions on discretionary spending patterns.
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