Disney's Japanese website indicates the highly anticipated film takes place not in 1991, or 1994, but rather 1995. The Google translation of the text is imprecise -- "the stage was 1995" obviously isn't right -- but the implication is clear:
The stage was 1995. The story before the formation of the Avengers -.A mysterious woman descending from the sky into a video shop in Los Angeles. She was always bothered by flashback of "memories" that she did not remember, with astonishing tekara. And, it is aiming for the secret hidden in that memory, the unidentified enemies who change their appearance freely .... Captain Marvel will face up against the battle over his own memory with young Nick Fury, who eventually will form the strongest hero team "Avengers"! What is the secret hidden in her memory? Who the hell is she? When the truth becomes clear, everything covers.
We don't know what "astonishing tekara" means, and we're pretty sure "everything covers" is actually "everything changes." But 1995 stands out, loud and clear.
That means fans can probably stop trying to discern any deep connections between Captain Marvel's setting and other key, early-1990s, Marvel Cinematic Universe events, such as the 1991 deaths of Howard and Maria Stark at the hands of Bucky Barnes, and the 1992 killing of N'Jobu by T'Chaka. However, it remains to be seen how the film explains away that Blockbuster Video signage, which, by most accounts, was phased out in 1994.
Directed by Anna Boden and Ryan Fleck from a script they wrote with Liz Flahive, Carly Mensch, Meg LeFauve, Nicole Perlman and Geneva Robertson-Dworet, Captain Marvel stars Brie Larson as Carol Danvers, Samuel L. Jackson as Nick Fury, Jude Law as Mar-Vell, Clark Gregg as Phil Coulson, Lee Pace as Ronan the Accuser, Djimon Hounsou as Korath the Pursuer, Gemma Chan as Minn-Erva, and Ben Mendelsohn, Lashana Lynch, Algenis Perez Soto, McKenna Grace and Annette Bening. The film arrives March 8, 2019.