The value added of food services and beverage services in Canada exhibits notable growth over the past decade. From 2013 to 2019, the sector saw a steady increase with a compound annual growth rate (CAGR) peaking at 6.33% in 2016. However, 2020 posed a significant challenge with a drastic 35.86% drop due to the pandemic. The sector bounced back with 33.24% in 2021 and stabilized with 17.58% in 2022.
In 2023, the value stood at 40.97 Billion Canadian Dollars, registering an 11.77% year-on-year growth. From 2023 onwards, forecasted values suggest a more modest CAGR of 2.53%, indicating a stabilizing yet steadily growing industry.
Future trends to watch for include:
- Technological advancements in food service delivery and operations.
- Changing consumer preferences towards healthy and sustainable dining options.
- Potential impacts of economic shifts and global events on consumer spending habits.
