In 2023, the Value Added of Dairy Product Manufacturing in Canada stood at 7.21 billion Canadian dollars. From 2022 to 2023, this market saw a Year-on-Year increase of 6.1%. Looking back, the industry experienced notable growth from 2013 to 2019, with a significant peak in 2019 and some fluctuations thereafter. The 5-year Compound Annual Growth Rate (CAGR) leading up to 2023 was 7.86%, highlighting steady expansion despite minor annual variations.
Projected data from 2024 onwards suggest ongoing growth, with the forecasted 5-year CAGR at 3.89% and an overall growth rate of 21% by 2028. This indicates a stable upward trajectory for the industry.
Future trends to watch for:
- Sustainability initiatives impacting production methods.
- Innovation in dairy alternatives influencing market dynamics.
- Regulatory changes affecting both local and international trade.
