The historical household expenditure on vegetable juice in Canada has shown significant fluctuations between 2013 and 2023. The expenditure peaked at 14 CAD in 2015 but exhibited a downward trend afterward, with a remarkable drop by 57.14% in 2016 and a continuous decline, reaching 6 CAD in 2023. Year-on-year variation fluctuated significantly, with appreciable gains in 2015 and 2017 but mostly sharp declines thereafter. The compound annual growth rate (CAGR) over the past five years ending in 2023 stands at -6.73%, indicating a steady decline in expenditure on vegetable juice.
Looking forward, the forecast for the period post-2023 projects a downward trajectory. The annual expenditure is expected to decrease by a forecasted five-year CAGR of -10.83%, reaching 3.1 CAD by 2028. This represents a 43.64% reduction in household expenditure over the next five years. The shrinking market indicates potential challenges for the industry.
Future trends to watch for include:
- The impact of health trends on vegetable juice consumption.
- The introduction of new product offerings or changes in consumer preferences.
- Market shifts due to potential economic changes or innovations in beverage sectors.
- Regulatory influences impacting the beverage industry.
