The Canadian food products manufacturing sector experienced steady growth from 2013 to 2023, with the value reaching 128.02 Billion Canadian Dollars in 2023. The year-on-year growth during this period varied, with notable increments such as 5.88% in 2014 and 5.52% in 2017. More recently, the growth rates have moderated, with the sector expanding by 2.93% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years indicates an average annual growth of 3.23%.
Future forecasts suggest a continued but slower growth trajectory, with the food products manufacturing output expected to reach 145.7 Billion Canadian Dollars by 2028. The forecasted 5-year CAGR is 2.05%, contributing to a cumulative growth rate of 10.69% over this period.
Trends to watch for:
- Impact of technological advancements on production efficiency and capacity.
- Shifts in consumer preferences towards sustainable and locally-sourced food products.
- Regulatory changes affecting food safety, labeling, and international trade.
