The value added of distilleries in Canada has seen significant growth over the past decade, rising from 288.43 million CAD in 2013 to 731.53 million CAD in 2023. The period between 2013 and 2018 experienced strong growth, particularly in 2018 with a 34.52% year-on-year increase. In recent years, growth has stabilized, with a 6.01% increase from 2022 to 2023. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 5.43%, indicating consistent expansion.
Looking ahead, the forecasted data from 2024 to 2028 suggests continued growth, with a forecasted 5-year CAGR of 3.84%. By 2028, the value added of distilleries is expected to reach 932.86 million CAD, marking a 20.74% increase from 2023.
Future trends to watch for include potential impacts from regulatory changes, shifts in consumer preferences towards premium and craft spirits, and the influence of technological advancements in production efficiency. Additionally, ongoing developments in sustainability practices within the industry could also affect market dynamics.
