The ice cream and frozen dessert manufacturing sector in Canada has shown notable fluctuations over the past decade, with a mix of declines and increases. Notably, revenue reached 1044.4 million Canadian dollars in 2023. The sector experienced a significant dip in 2020, with a revenue decrease of 11.01%, likely influenced by the global pandemic. However, by 2022, the industry rebounded with a year-on-year growth of 7.91%.
Looking at recent trends, the industry grew by 6.39% in 2023, reflecting a consistent upward trend since the 2020 lows. Examining the longer-term trend, the sector's 5-year compound annual growth rate (CAGR) is 2.69%, indicating moderate growth over this period. Forecasts predict continued expansion, with a 5-year CAGR of 2.74% and a total growth rate of 14.48% by 2028.
Future trends to watch for include:
- Increased consumer preference for healthier, artisanal, and premium frozen desserts.
- Technological advancements in production efficiency and ingredients.
- Potential impact of climate change on raw material availability and costs.
- Shifts in consumer lifestyles and dining habits post-pandemic.
These factors will shape the market dynamics and are essential for stakeholders to consider when strategizing for the future.
