Based on the data, wine demand in Canada experienced fluctuations between 2014 and 2023. From a peak in 2015 at 430.0 thousand metric tons, demand dipped significantly by 2020 to 329.51 thousand metric tons. However, a recovery period followed, with demand reaching 391.0 thousand metric tons in 2023. The year-on-year variations highlight a significant decline in 2020 (-17.42%) balanced by a notable recovery in 2021 (13.88%). The compound annual growth rate (CAGR) over the last five years was -0.4%, indicating a general decline in demand.
Looking ahead, the forecast suggests a continued decline in wine demand, further reducing to 378.87 thousand metric tons by 2028. This projected trend reflects a forecasted negative CAGR of -0.44% over the next five years.
Future trends to watch for:
- Changing consumer preferences towards health-conscious beverages.
- Potential economic factors affecting disposable income and luxury spending.
- Impact of climate change on wine production and supply.
- Evolving trade policies and import regulations affecting wine availability and prices.
