Based on the given data, household expenditure on food in Canada is forecasted to rise from CAD 134.67 billion in 2024 to CAD 155.86 billion in 2028. Considering the previous actual data, household food expenditure in 2023 was at CAD 130 billion. This indicates a consistent growth trend.
Year-on-year percentage variations are as follows:
- 2024: 3.59%
- 2025: 4.00%
- 2026: 3.79%
- 2027: 3.63%
- 2028: 3.47%
Average yearly growth (CAGR) over the five years (2024-2028) is 3.69%.
Future trends to watch for include potential impacts of inflation on food prices, changes in consumer behavior towards healthier and organic options, and the influence of economic conditions on disposable income. Additionally, advancements in food technology and sustainability efforts may play a significant role in shaping future expenditure patterns.
