In 2023, Canadian vodka sales stood at approximately 939.94 million Canadian Dollars. Over the past two years (2022-2023), sales have displayed an average annual growth rate of 3.4%. For the last five years (2019-2023), the compound annual growth rate (CAGR) has been around 3.52%, indicating a robust upward trend in vodka consumption. Year-on-year variations point to significant upticks in 2020 and 2022, with growth rates of 5.72% and 5.01%, respectively. The forecasted data suggests that by 2028, sales are expected to reach approximately 1020.6 million Canadian Dollars, with a forecasted CAGR of 1.31% over the five-year period from 2024-2028.
The key trend to watch is the moderate but steady growth in vodka sales, influenced by a combination of market factors such as shifts in consumer preferences, new product launches, and economic conditions. The industry may also see impacts from changes in trade policies and health trends that could either bolster or dampen the forecasted growth rate.