Sales for Canada’s food and beverage sector are forecast to surpass $164 billion, exceeding initial projections by 3.2 per cent, according to the 2023 Food and Beverage Report: Mid-year update from Farm Credit Canada. While positive news, a number of considerations continue to weigh on the sector.
Both food and beverage manufacturers saw a strong increase in nominal sales in the first half of 2023, with an increase of 8.4 per cent for food manufacturing and 7.3 per cent for beverage manufacturing. Grain and oilseed milling, and bakery and tortilla products led in growth with increases of more than 15 per cent year-over-year. However, the growth rate in the sector is more modest when accounting for inflation.
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