The Food Services and Drinking Places sector in Canada experienced consistent growth from 2013 to 2019, with annual increases ranging from 4.77% to 6.24%. The sector faced a significant downturn in 2020 due to the COVID-19 pandemic, experiencing a dramatic 24.11% decline. Recovery began in 2021 with a 13.51% increase, followed by further growth in 2022 and 2023 at 14.26% and 8.5% respectively. As of 2023, the sector stood at 80.56 Billion Canadian Dollars. The forecast for 2024 to 2028 indicates continued growth, albeit at a more moderate pace, with an average annual increase (CAGR) of 2.27%.
Future Trends to Watch For:- Innovations in food delivery and takeaway services.- Rising consumer demand for healthier and sustainable food options.- The potential impact of economic fluctuations and inflation.- Technological advancements in kitchen automation and customer service.
