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Ottawa-Canadian food manufacturers recorded a strong sales performance in 2021 and should see healthy sales numbers this year, says Farm Credit Canada in its Annual Food Report.
A healthy export market accounted for an estimated 36.8 per cent of manufactured food sales, up 16.9 per cent in 2021, driven by higher prices and strong demand. Export growth came from the U.S., Mexico, Philippines and South Korea. Exports to China declined over 16 per cent on lower pork demand.J.P. Gervais, FCC’s chief economist, said, “Consumers appeared to unleash strong disposable incomes and accumulated savings during the pandemic in 2021.
“Inflation is beginning to diminish the purchasing power of many households and the growth in 2022 will depend on several other factors, such as the evolution of the pandemic and how businesses adapt to interest rate increases and elevated input costs,” Gervais said. “But if the past is any indication of the future, Canada’s food processors will continue to take advantage of the many opportunities that exist amid the many challenges.
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