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Industry NewsCanada’s food manufacturers grow sales, despite challenges: Farm Credit Canada report

Canada’s food manufacturers grow sales, despite challenges: Farm Credit Canada report

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Several external factors impacted Canadian food industries in 2021, which resulted in higher input costs, amplified labour shortages and upended food consumption patterns, according to the annual Farm Credit Canada (FCC) Food Report 2022.

Supply disruptions originating from months of factory slowdowns limited key inputs availability and drove up their cost. Furthermore, drought in Western Canada and the U.S. reduced overall crop production in North America, causing commodity prices to rise. This forced manufacturers to pass these higher costs to retailers and customers resulting in the highest monthly food inflation figures since 2009.

Businesses also faced higher overall labour costs due to a challenging labour market characterized by a limited available worker pool and a highly competitive recruitment environment. The job vacancy rate in food manufacturing was 5.4 per cent on average in 2021 compared to 4.7 per cent for all industries and 3.7 per cent in 2020.

 

Read the full report: https://www.fcc-fac.ca/fcc/resources/e-2022-food-and-beverage-report.pdf

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