The Canadian wine market has experienced significant fluctuations over the last decade. Starting with a volume of 425,000 Metric Tons in 2014, it peaked at 429,000 Metric Tons in 2015 before declining to 403,000 Metric Tons in 2017. By 2020, the market saw a drastic drop to 328,680 Metric Tons but rebounded to 374,300 Metric Tons in 2021. The volume in 2023 is noted at 390,000 Metric Tons, showing a slight decrease of 0.51% from the previous year.
Key variations over the last two years include a 4.73% increase in 2022 followed by a 0.51% decrease in 2023. The CAGR over the last 5 years is -0.41%, reflecting a downward trend overall.
The forecast indicates a continued decline with a projected volume of 377,870 Metric Tons by 2028, representing a forecasted 5-year CAGR of -0.44% and an overall forecasted shrinkage of 2.17% over this period.
Future trends to watch for include changing consumer preferences towards health-conscious and low-alcohol beverages, potential regulatory impacts on the wine industry, and the influence of global climate conditions on vineyards and wine production.
