The household expenditure on frozen prepared food in Canada demonstrated fluctuations from 2013 to 2023. In 2023, the expenditure stood steady at 145 Canadian Dollars, the same as the previous year, indicating no year-on-year growth. Throughout the decade, the market saw recovery periods like in 2016 and 2019, offset by declines such as those in 2014 and 2017. The Compound Annual Growth Rate (CAGR) over the last five years leading to 2023 was a modest 1.07%, showing a slight overall long-term increase despite yearly volatility.
Future trends to watch for:
- Predictable gradual increases are projected, with a forecast CAGR of 0.41% through 2028.
- Potential influences include consumer preference shifts towards convenience foods, health trends, and economic factors such as inflation.
