The production of food and beverages in Canada reached 139.43 Billion CAD in 2023. From 2013 to 2023, the market exhibited varied growth, with notable fluctuations and an overall upward trend. The year-on-year variations indicate some volatility, particularly with a downturn in 2020 and robust rebounds afterwards. Notably, annual growth slowed slightly in recent years, highlighting a relatively stable but slower growth pace.
Analyzing the data, we observe a Compound Annual Growth Rate (CAGR) of 2.57% over the past five years. Moving forward to 2028, the market is forecasted to experience a modest growth rate, with a five-year CAGR of 1.58%, an indication of decent but slow growth.
Future trends to watch for:
• Innovation in sustainable packaging and production processes.
• Influence of health-conscious consumer behaviors shifting towards organic and plant-based products.
• Potential supply chain disruptions impacting production costs and volumes.
• The evolving regulatory landscape affecting food safety and labeling requirements.