The sales of liqueurs in Canada have shown a positive upward trend from 2013 to 2023. Notably, the value stood at 1073.0 million Canadian Dollars in 2023. Over the years, the market has experienced considerable variations, with a significant year-on-year growth observed particularly in years 2019 (16.77%) and 2021 (12.65%). For the last two years analyzed, 2022 saw a growth of 6.38% and 2023 had 6.88%, reflecting a stable market trajectory.
The compound annual growth rate (CAGR) over the last five years has been robust at 9.93%, indicating strong momentum in the liqueurs sector. However, going forward, the forecasted 5-year CAGR from 2024 to 2028 is anticipated to be 4.29%, suggesting a slightly more moderated yet still positive growth rate.
Future trends to watch for include:
- Potential shifts in consumer preferences towards novel and premium liqueur options.
- The impact of regulatory changes and tariffs on import and pricing structures.
- Technological advances in production and enhancement of flavor profiles which could influence market dynamics.
- Sustainability and consumer demand for eco-friendly and ethically produced liqueur products.