The production of food products in Canada has shown a consistent increase from 2013 to 2023, reaching 124.21 billion Canadian dollars in 2023. Over the last two years, the production value experienced moderate year-on-year increases with a variation of 0.21% in 2022 and 2.12% in 2023. The average annual growth rate (CAGR) over the past five years was 2.64%, indicating steady growth despite fluctuations, especially during 2020 when there was a noticeable 3.68% decline, likely due to the COVID-19 pandemic.
Looking ahead, forecasts suggest that production will continue to rise, reaching 137.85 billion Canadian dollars by 2028. The projected CAGR for the next five years is 1.62%, slightly lower than the previous period, yet still pointing to a positive growth trajectory. The overall forecasted growth rate over the next five years is 8.35%.
Future trends to watch for include:
- Technological advancements in food production driving efficiency
- Changes in consumer preferences towards sustainable and locally sourced products
- The impact of potential economic fluctuations and policy changes on production
- Adaptations to climate change affecting agricultural outputs
Keeping an eye on these factors will be crucial for understanding the future dynamics of the food production industry in Canada.