Fastest Declining Industries in Canada by Revenue Growth (%) in 2024

1. Cigarette & Tobacco Product Wholesaling in Canada

2024-2025 Revenue Growth: -17.5%

The Cigarette and Tobacco Product Wholesaling industry in Canada has surpassed major obstacles and has succeeded in adapting to new consumer trends and client procedures. Federal and provincial governments have levied higher excise taxes on cigarette products to raise tax revenue and reduce tobacco consumption. To sustain profit amid declining sales volumes, cigarette manufacturers have consistently raised prices on their products, enabling wholesalers to raise their prices and aiding industry profit to grow. Additionally, major manufacturers have improved distribution networks, boosting sales. Nonetheless, industry revenue is estimated to fall an annualized 0.6% to $7.9 billion over the five years to... Learn More

2. Coal Mining in Canada

2024-2025 Revenue Growth: -13.3%

Operators in the Coal Mining industry in Canada have experienced considerable fluctuations in prices of industry goods. Canadian coal mining revenue has been increasing at an annualized 11.3% over the past five years, including an estimated 32.3% decrease in 2023, and is expected to total $19.0 billion. In 2023, profit is set to increase to 32.1%. The industry has two primary products, metallurgical coal used for steel production and thermal coal used in energy generation. At the start of the current period, global oversupply and falling demand resulted in low prices and revenue. Subsequent price growth between 2016 and 2018... Learn More

3. Steel Rolling & Drawing in Canada

2024-2025 Revenue Growth: -11.2%

Steel rollers and drawers have faced declines over the current period. Plummeting growth from automobile manufacturers and climbing import penetration have hindered performance. Falling steel prices over the current period have also led to price-based losses and profit loss as clients pressured steel rollers and drawers to pass on cost decreases. Exports to the US were a boon to steel rollers and drawers amid declines in the domestic market. Overall, industry-wide revenue has been falling at a CAGR of 3.1% over the past five years and is expected to total $1.9 billion in 2023, when revenue will dip by an... Learn More

4. SUV & Light Truck Manufacturing in Canada

2024-2025 Revenue Growth: -11.0%

Revenue for SUV and light truck manufacturers in Canada is projected to decrease throughout 2023, due to disruptions caused by the COVID-19 pandemic and volatile economic conditions. With the export market accounting for over 50.0% of industry revenue in 2023, of which more than 95.0% is destined for the United States, industry operators are heavily reliant on US economic conditions. Despite a robust economic recovery after the peak of the pandemic, industry production has not fully recovered to the levels exhibited earlier in the period. As a result, the industry has declined at a CAGR of 7.4% over the past... Learn More

5. Canned Fruit & Vegetable Processing in Canada

2024-2025 Revenue Growth: -8.3%

Canned fruit and vegetable processors in Canada manufacture vegetable-based sauces, soups, canned produce, juices and dehydrated fruits and vegetables. Expanding health concerns regarding some of canned fruit and vegetable processors' products and boosting income levels have prompted consumers to turn to fresher or premium alternative goods. Despite manufacturers' efforts to introduce healthier brand extensions and safer packaging, demand for canned fruit and vegetable products has waned, pressuring canned fruit and vegetable processors' revenue. During the current period, boosted production from some processors has helped to mitigate overall losses. IBISWorld expects revenue for canned fruit and vegetable processing in Canada to... Learn More

6. Corn Farming in Canada

2024-2025 Revenue Growth: -7.9%

Corn Farming industry revenue has climbed amid strong price growth. Corn is used in a variety of products for fuel, consumption and production. Corn farmers in Canada contend with a high level of competition from potential substitutes and global corn farmers. The use of corn for fuel has remained popular because of volatility in fossil fuel prices. Corn has grown in popularity for human food production and in certain industrial markets, as genetically modified plants have made harvests more reliable. Strong growth in exports has been fuelled by growing demand from Ireland, Spain and the United Kingdom. Corn farming revenue... Learn More

7. Iron & Steel Manufacturing in Canada

2024-2025 Revenue Growth: -4.7%

Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by changing prices for steel. Volatility in steel prices has increased since the COVID-19 pandemic. A limited global supply of steel has caused a sharp uptick in the price of steel alongside growing demand. Revenue is expected to grow at a CAGR of 3.0% to $18.9 billion through the end of 2023, despite a decline of 6.9% in 2023 alone.

Revenue for manufacturers follows a variety of factors, including... Learn More

8. Paper Mills in Canada

2024-2025 Revenue Growth: -4.4%

Paper mills have continued to experience declines over the five years to 2023. One of the biggest drivers of these declines has been the contraction of downstream publishing industries across North America. Major declines in the print newspaper industry have considerably impacted industry revenue. All domestic publishing industries have experienced decreased revenue from downstream paper-based communications companies. The COVID-19 pandemic significantly affected downstream markets as shifts to remote work further contributed to these trends. Revenue is expected to decline at a CAGR of 6.4% to $6.6 billion over the five years to 2023, including a decline of 2.3% in 2023,... Learn More

9. Radio Broadcasting in Canada

2024-2025 Revenue Growth: -4.2%

Radio broadcasters in Canada have been at the mercy of the constantly evolving entertainment space for at least a decade. In particular, new methods of music consumption, like on-demand streaming services, have been the single greatest threat to these broadcasters. While Canadian radio broadcasters have combated this competition by focusing more on value-added talk show formats, advertising dollars have consistently been routed to the digital and TV entertainment realms, hurting the primary avenue of revenue generation. Disruptions stemming from COVID-19 in 2020 also weighed on advertising expenditure and accelerated a dip in industry revenue. That's why radio broadcasters' revenue is... Learn More

10. Office Furniture Manufacturing in Canada

2024-2025 Revenue Growth: -4.1%

Office furniture manufacturing revenue has declined at a CAGR of 1.3% over the past five years to $6.1 billion. The market for office furniture is highly dependent on cyclical macroeconomic conditions like the unemployment rate, corporate profit levels and nonresidential construction activity. These factors have been negatively affected by the COVID-19 (coronavirus) pandemic, which resulted in a drastic revenue decline in 2020. While revenue has experienced partial recovery, it remains below the pre-COVID-19 level. In addition, revenue is expected to decline 5.3% in 2023, driven by increases in unemployment and the rising value of the Canadian dollar.

The industry is highly... Learn More