Over the past decade, the output of the food services and beverage services sector in Canada has shown a consistent upward trend from CAD 57.87 billion in 2013 to CAD 92.78 billion in 2023. The year 2020 experienced a significant downturn with a -31.95% drop due to the global pandemic's impact, plunging the value to CAD 56.16 billion. However, the sector made a strong recovery by 2022 with a substantial 28.64% rise. By 2023, the output saw an increase of 10.87%, indicating a robust rebound and reaching a value of CAD 92.78 billion. The average annual growth rate (CAGR) over the past five years (2018-2023) is 3.21%.
The forecast for the next five years suggests a moderate growth trend with an expected CAGR of 2.58%, projecting the output to reach CAD 109.19 billion by 2028. This equates to a forecasted growth rate of 13.58% over the five-year period from 2024 to 2028.
Future trends to watch for include:
- Potential impacts of changing consumer preferences towards healthier and sustainable food options.
- Technological advancements and digital transformation affecting service delivery and customer experience.
- Possible economic fluctuations that could impact discretionary spending.
- Government regulations and policies related to food safety and industry operations.
