Fastest Declining Industries in Canada by Revenue Growth (%) in 2025

• 1. Iron & Steel Manufacturing in Canada

  2025 Revenue Growth: -12.4%

  The Canadian steel industry is currently facing a challenging period marked by a projected 12.4% contraction in 2025, with total revenues falling to $15.2 billion. Although the industry posted a 2.5% CAGR over the current period, this figure is largely due to strong gains in 2021, followed by subsequent declines. This downturn is primarily driven by the imposition of a 25% US tariff on Canadian steel imports, which has sharply reduced export volumes and reduced the profit margin, leading to l...

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• 2. Loan Administration, Cheque Cashing & Other Services in Canada

  2025 Revenue Growth: -10.5%

  Loan administration and cheque cashing services endured mixed results amid economic volatility during the pandemic and the continued effects of high interest rates on Canadian businesses and consumers alike. Canadian consumers' appetite for debt has boosted the industry by sustaining demand for consumer financing, mortgages and cash services for businesses. However, sharp economic volatility in 2020 forced consumers and businesses to shift their borrowing preferences away from traditional ban...

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• 3. Oil Drilling & Gas Extraction in Canada

  2025 Revenue Growth: -7.6%

  Oil drilling and gas extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. The Russia-Ukraine conflict further exacerbated this, causing exports to surge as foreign countries looked elsewhere to get oil and gas....

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• 4. Car Wash & Auto Detailing in Canada

  2025 Revenue Growth: -6.5%

  Canadian car wash and auto detailing companies clean, wash, wax and detail various motor vehicles, including passenger cars, trucks, vans and trailers. Climbing interest rates, rampant inflation and weak consumer confidence have hampered the industry over the past five years. Even so, increasing driving activity and an influx of investment from private equity firms have supported revenue growth. Overall, car wash and auto detailing revenue has risen at a CAGR of 1.0% to $1.5 billion through t...

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• 5. Thermal Power in Canada

  2025 Revenue Growth: -5.1%

  Thermal power is a major energy source but has faced some hurdles recently. Amid the pandemic, operators saw a modest uptick as the residential sector kept revenue afloat while commercial and industrial sectors were shut down because of health and safety protocols. While the economy reopened, elevated prices put pressure on thermal-powered plants, weakening revenue. Even so, most of this dip stemmed from the closure of many coal power plants because of their immense greenhouse gas emissions. ...

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• 6. Ferrous Metal Foundry Products in Canada

  2025 Revenue Growth: -5.0%

  The industry is facing significant challenges, marked by a decline during the current period at a CAGR of 4.1%, including an expected revenue drop of 19.4% in 2024 alone, bringing revenue down to $1.4 billion. This downturn is primarily driven by decreased domestic demand owing to a shift towards lighter, non-ferrous metals like aluminum, exacerbated by lingering pandemic disruptions and elevated interest rates. Additionally, the industry is grappling with sharply increased input prices and e...

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• 7. Iron Ore Mining in Canada

  2025 Revenue Growth: -4.8%

  Iron ore miners have experienced massive shifts in revenue for most of the period since iron is used to produce steel, linking performance directly to the strength of the global economy and construction markets. Exports are a significant market for miners, and heightened demand from China, alongside expansions from other major trading partners, has been beneficial, as iron ore prices have spiked amid supply shortages. Nonetheless, prices came tumbling down starting in 2022 through 2025. This ...

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• 8. New Car Dealers in Canada

  2025 Revenue Growth: -4.8%

  New car dealers have been riding out a period of disruption and adaptation, facing headwinds and finding new growth paths. Dealer performance has shown signs of rebound lately, as stabilizing interest rates started to unlock pent-up demand among everyday buyers and commercial clients. While consumer confidence hasn’t fully recovered, the slight easing in financing costs and some improvement in disposable incomes have helped keep the wheels turning for the Canadian auto retail sector. Dealers,...

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• 9. Recyclable Material Wholesaling in Canada

  2025 Revenue Growth: -4.5%

  Commodity prices saw substantial growth in 2021 due to supply chain disruptions and heightened demand from manufacturing and construction sectors, supported by low interest rates and government stimulus initiatives, leading to historically high industry growth. Prices for ferrous metal scraps, nonferrous metal scraps and recyclable paper surged, with ferrous metal scraps hitting decade-high levels. However, since 2022, a decline in commodity prices due to higher interest rates and subdued eco...

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• 10. Footwear Wholesaling in Canada

  2025 Revenue Growth: -4.5%

  The Footwear Wholesaling industry in Canada has been navigating a complex landscape characterized by shifting consumer preferences and evolving distribution models. Dominated by key players like Nike, Wolverine World Wide and Adidas, the industry remains fragmented, with wholesalers striving to maintain relevance as manufacturers increasingly bypass traditional channels. Women's and girls' footwear continues to drive a substantial portion of sales, yet wholesalers face mounting pressure to ...

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