Analyzing the employment data in Canada's Food Services and Beverage Services sector from 2013 to 2023, we observe an overall upward trend with notable fluctuations. Actual data shows consistent growth until 2019, reaching 1.67 billion hours. However, the sector faced a significant drop of 34.71% in 2020 due to the COVID-19 pandemic, dropping to 1.09 billion hours. Recovery was observed in subsequent years, with a peak of 21.39% growth in 2022, followed by a slight decline of 4.76% in 2023, ending the year at 1.43 billion hours. Over the last five years leading to 2023, the sector experienced a compound annual growth rate (CAGR) of -2.84%.
The forecast for 2024 and beyond suggests stable yet modest recovery with minimal year-on-year increases. By 2028, the CAGR is projected at 0.5%, translating into incremental annual growth and reaching approximately 1.47 billion hours.
Future trends to watch for include:
- Technological advancements in food services.
- Changing consumer preferences towards health and sustainability.
- Economic factors influencing consumer spending behaviors.
- Labour market conditions affecting employment in the sector.
