The Canadian economy has been sluggish, but in the midst of this slow progress the food manufacturing industry is seeing opposite results. According to a recent study by The Conference Board of Canada, things are looking up for the food marketing industry due to a growing interest in Canadian products from the U.S. and other foreign markets.
“While the majority of the manufacturing sector has struggled to take advantage of the weaker exchange rate, cheaper oil prices and the strengthening of the U.S. economy, the food manufacturing sector has seen sales continue to grow,” says Michael Burt the director of the Conference Board of Canada’s Industrial Trends sector.
According to Grocery Business, The U.S. represents the largest export destination for Canada’s food products, accounting for more than 70 per cent of the industry’s exports in 2015.
Food manufacturers are all seeing a positive change from Canada’s ongoing dedication to natural ingredients and nutritious foods. Between 2011 and 2015, food and drink products marketing the term superfood, superfruit and surpergrain have more than tripled in growth.
The downside to these new changes is that Canadian shoppers are more conscious of where their money is going. As such, consumer spending in the food and alcoholic beverage market may see a slow down in numbers.
