The value added of frozen food manufacturing in Canada has shown a positive trend over the period from 2013 to 2023, increasing from 1.5335 billion CAD to 3.3079 billion CAD in 2023. The series depicts some fluctuations but maintains an overall upward trajectory. Notably, significant year-on-year variations include a 6.82% growth in 2019, a 22.34% surge in 2020, and a more moderated growth trend afterwards. Over the last two years, the value grew by 9.41% in 2022 and 8.51% in 2023.
The compounded annual growth rate (CAGR) over the last five years has been 10.22%. Looking ahead to the forecasted data from 2024 to 2028, the value is expected to continue rising, with the period culminating in a value of 4.5668 billion CAD by 2028. The projected five-year CAGR is set at 5.08%, reflecting a steady growth pattern.
Future trends to watch for include:
- An increased focus on healthier frozen food options driven by consumer demand.
- Potential advancements in food preservation technology improving product quality.
- Growth in export opportunities fueled by global demand for Canadian frozen food.
- Possible market consolidation among major players to achieve economies of scale.
