The Fruit and Vegetable Preserving and Specialty Food Manufacturing sector in Canada reached CAD 7.5525 billion in 2023, reflecting steady year-on-year growth since a dip in 2015. Over the past two years, the industry saw minor fluctuations with a 1.01% growth from 2022 to 2023. Observing a broader period, the Compound Annual Growth Rate (CAGR) between 2018 and 2023 stood at 1.03%, showing a steady incline. Future projections suggest a moderate increase, with the industry expected to grow to CAD 7.9178 billion by 2028, equating to a forecasted 5-year CAGR of 0.75%.
Future trends to watch for include:
- Considering economic shifts, the impact of inflation on raw material costs could affect overall expenses.
- Increased focus on sustainability and organic products might drive changes in manufacturing processes.
- Technological advancements in food preservation techniques could influence operational efficiencies.
