The food and beverage store sales in Canada have shown a consistent upward trend from 2013 to 2023, experiencing notable growth in 2020 with an 8.8% increase, reflecting pandemic-related purchasing behaviors. The sales value in 2023 stood at 154.13 billion Canadian dollars, marking a 2.35% year-on-year growth. Over the last five years, the compound annual growth rate (CAGR) was 3.88%, indicating robust growth. Forecasts from 2024 to 2028 predict a slower growth rate with a 5-year CAGR of 1.67% and an overall growth of 8.65% by 2028.
Future trends to watch for include the impact of evolving consumer preferences towards health and sustainability, potential economic fluctuations, and advancements in e-commerce and delivery services, which could influence purchasing patterns and drive further market changes.
- Notable growth in 2020 due to pandemic-related purchasing.
- 2023 sales at 154.13 billion Canadian dollars with a 2.35% year-on-year increase.
- Last 5-year CAGR: 3.88%.
- Forecasted 5-year CAGR (2024-2028): 1.67%.
- Increased consumer focus on health and sustainability.
- Economic conditions and their potential impact on spending.
- Advancements in e-commerce and delivery services.
