Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Fastest Growing Industries by Exports in Canada in 2024
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View a list of the Top 25 fastest growing industries by exportsGrowth in Exports for 2024: 26.4%
Canadian cardboard box and container manufacturers have experienced strong growth in recent years. Products produced by manufacturers include corrugated and solid fibre boxes, folding paperboard boxes and other converted paper items. Manufacturers reliant on demand from other areas of the manufacturing sector; food, beverage and agricultural producers are major downstream buyers. Given the essential nature of their products, food and beverage manufacturers have continued to provide a stable source of demand. Sales to the manufacturing sector have declined in recent years due to the long-term trend of offshoring industrial activity to low-cost countries. Following COVID-19 disruptions, strong consumer spending has... Learn More
Growth in Exports for 2024: 25.8%
The Concrete Pipe and Block Manufacturing industry in Canada is forecasted to experience growth over the five years to 2023. However, it's anticipated that demand for concrete pipes and blocks will decline in 2022 and 2023 due to higher interest rates, forcing a sharp decrease in residential construction. However, the downturn in demand from residential construction ventures is projected to be compensated by an uptick in government spending on concrete-intensive projects like bridge construction and highway improvement. Despite experiencing a 4.3% dip in 2023, industry revenue is projected to increase at a CAGR of 1.8% to $1.7 billion in the... Learn More
Growth in Exports for 2024: 20.6%
The Battery Manufacturing industry in Canada has experienced strong growth in recent years; there is growing demand for batteries in various applications, including portable electronics, electric vehicles, and renewable energy storage. This has created opportunities for Canadian battery manufacturers to expand their operations and increase production. The Canadian government has made significant investments in the development and commercialization of battery technology, including funding research and development programs, providing tax incentives and supporting the growth of the electric vehicle industry. This support has helped to attract investment and create opportunities for Canadian battery manufacturers. Consequently, industry revenue is anticipated to grow... Learn More
Growth in Exports for 2024: 16.2%
The Canadian ship building industry will expand through the end of 2023. Ship builders build, modify, convert and repair ships, including warships, icebreakers, ferries and offshore platforms. Prior to the current period, this industry was troubled, competing with foreign builders while dealing with inconsistent domestic demand. In an effort to rebuild its navy and coast guard, the federal government launched the extensive National Shipbuilding Strategy (NSS) which effectively solved this problem. The industry was able to begin its expansion since most of these projects will take more than a decade. Still, the industry was not immune to the negative economic... Learn More
Growth in Exports for 2024: 11.8%
As the Breweries industry in Canada has evolved in response to changing trends, its expansion has stagnated. While the industry has benefited from the popularity of craft beer from local microbreweries, consumers have shifted away from the traditional light and premium beer brands that currently represent most of industry brewers' sales. Navigating the challenging conditions of the COVID-19 pandemic, breweries saw sharp contractions across multiple years. As a result, industry revenue is anticipated to decline at a CAGR of 2.6% to $6.7 billion over the five years to 2023, including a contraction of 2.4% during the current year.
The rising popularity... Learn More
Growth in Exports for 2024: 11.0%
The Glasses and Contact Lens Manufacturing industry in Canada produces eyeglass lenses, frames, and protective eyewear. Several of the industry's product segments are essential to the visually impaired, somewhat insulating the industry from economic downturns. While rising per capita disposable income has enabled consumers to increase expenditure on glasses and contacts, competitively priced imports satisfy a significant portion of consumer demand for industry products. Although COVID-19 hindered the overall economy, IBISWorld projects revenue to continue expanding as industry products are considered an essential health expenditure for many consumers. As a result, IBISWorld projects industry revenue will increase at an annualized... Learn More
Growth in Exports for 2024: 9.9%
The Structural Metal Product Manufacturing industry in produces fabricated joists, concrete reinforcing bars and metal plate work, among other products. Industry products are essential for strengthening and evening out concrete foundations and for framing roofs and floors to walls. Therefore, products are heavily used to construct commercial buildings and multifamily apartment buildings. Industry products are also used in energy, utility and transportation infrastructure projects. Strong industrial building construction supported the industry, and industry revenue has increased at a CAGR of 1.2% over the five years to 2023, including a decline of 4.6% to total an estimated $12.7 billion in 2023... Learn More
Growth in Exports for 2024: 9.7%
Canadian aluminum manufacturers produce various aluminum products, ranging from alumina to finished aluminum sheets and foil. Aluminum is lightweight, ductile, corrosion-resistant, highly conductive and recyclable, making it useful in various applications. For instance, aluminum sheet is a major input into automobiles and airplanes, while aluminum foil and rolled sheet are commonly used in containers and packaging material. The United States accounts for nearly all exports, making domestic manufacturers highly dependent on international trade. IBISWorld projects industry revenue to increase at a CAGR of 7.8% to $24.8 billion through the end of 2023, declining 3.3% in 2023 alone. This growth can... Learn More
Growth in Exports for 2024: 8.9%
The Boat Building industry in Canada has exhibited a moderate level of revenue volatility over the past five years. As the Canadian dollar weakened, the industry grew as improving economic conditions domestically and in the United States raised demand for industry vessels. The pandemic fostered strong boat sales as rising household incomes and wealth in addition to affordable borrowing conditions, drove demand for industry output. Recreational boating activity also rose in popularity, benefiting operators. Over the past five years, revenue has been growing at a CAGR of 5.5% and is expected to reach $762.5 million in 2023. This includes an... Learn More
Growth in Exports for 2024: 8.5%
The Men's and Boys' Apparel Manufacturing industry in Canada has been characterized by offshoring, import competition and a significant shift toward producing high-end products over the past five years. The industry, which manufactures men's and boys' apparel from purchased fabrics, has been challenged by high import penetration. However, manufacturers shifting toward producing high-end, value-added designer and handcrafted fashion have helped industry revenue from falling at a much sharper rate. Consequently, industry revenue is expected to fall an annualized 6.5% to $1.0 billion over the five years to 2023, including a decrease of 3.6% in 2023 alone as consumer confidence levels... Learn More
Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Biggest Industries by Employment in Canada in 2024
VIEW ARTICLEBased on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Biggest Industries By Revenue in Canada in 2024
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