Meat products laid out and packed in a shop window. (Photo 25371478 © Mrivserg | Dreamstime.com)

By Jaryn Vecchio

Sales Numbers

Food and beverage sales peak over $80 billion in first half of 2023, Farm Credit Canada says

Sep 20, 2023 | 12:28 PM

The first half of 2023 was kind for Canadian food manufacturers.

That’s according to Farm Credit Canada’s (FCC) mid-year update on its Food and Beverage Report which compiled data collected by Statistics Canada.

Sales from the start of January to the end of June totaled around $73.2 billion which is up 8.4 per cent from last year. Beverages brought in around $7.4 billion, bringing the total to over $80 billion.

“Considering the large increase in nominal sales, we see 2023 sales for the food and beverage sector at $164 billion,” read the report.

Meat products brought in the largest amount, roughly $19.6 billion, followed by grain and oil milling at $10.9 billion. Dairy products and bakery and tortilla products were the only others to bring in more than $8 billion, $8.9 billion and $8.5 billion respectively.

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“Though many sectors experienced double-digit sales growth, as noted above, much of that growth has come from higher prices. Grain and oilseed milling sales are forecast to decline in (the second half) and (the first half of 2024) because of an easing in prices for wheat and canola relative to the highs witnessed in 2022,” said the report.

The FCC is projecting grain and oilseed milling to produce around $9.6 billion from the start of July to the end of December. Meat products are the sector in double digits with the FCC expecting sales to peak over $20 billion.

Meanwhile, the FCC notes these numbers are nominal, meaning they don’t account for inflation.

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Jaryn.Vecchio@pattisonmedia.com

On Twitter: @princealbertnow