Food is a bigger employer in Canada than you may realize. In fact, food manufacturing is the largest manufacturing employer in Canada, responsible for 250,000 direct jobs. But that number pales in comparison to the food services industry, where an additional 1 million Canadians make their living. And with so many people dependent on Canadians eating well and eating out, changes in spending can mean big issues for jobs, hours, and the industries themselves. So what should Canadian Food Businesses expect in the coming year?
Join Michael Burt, The Conference Board’s Director of Industrial Economic Trends for a presentation and discussion of the economic outlook for Canada’s Food Manufacturing and Food Services Industries.
Canadian households will likely remain cautious in their spending in the coming year. Consumers may look to limit the amount of times they dine out or visit quick-service restaurants.. Millennials are the only age group to increase the number of visits per capita to restaurants in 2014. Increased tourism will be significant source of growth for the food services industry to help offset softness in domestic demand.
Consumer trends are also shaping the outlook for food manufacturing, noticeably in the meat products segment. Annual per-person meat consumption has declined since 1999 as meat prices have increased and Canadians have reduced the amount of red meat in their diets.. Export growth is the one bright spot for this segment going forward. For export-oriented products such as seafood and grain and oilseed milling, the lower Canadian dollar is expected to boost growth.
You won’t want to miss this detailed look into the food sector, which includes expert analysis of how consumer trends will impact the food business in 2016 and beyond.