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

1. Coal Mining in Canada

2025-2026 Revenue Growth: -16.6%

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

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

2025-2026 Revenue Growth: -10.5%

Loan administration, cheque cashing and other services' revenue has been increasing at a CAGR of 2.6% over the past five years, including an estimated 1.2% decrease in 2023, and is expected to total $1.6 billion. In 2023, profit is set to decrease to 14.7%. Canadian consumers' appetite for debt has boosted the industry by sustaining demand for consumer financing, mortgages and cash services for businesses. However, industry profit has trended downward as a result of increased external competition and regulations during most of the period.

Canadian GDP growth has largely been driven by trends in consumption. As interest rates have remained... Learn More

3. Radio Broadcasting in Canada

2025-2026 Revenue Growth: -6.2%

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

4. Iron & Steel Manufacturing in Canada

2025-2026 Revenue Growth: -5.5%

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

5. Thermal Power in Canada

2025-2026 Revenue Growth: -5.1%

The industry is composed of companies that generate electricity using natural gas, coal, uranium or crude oil. Strong economic growth and high wages before the pandemic boosted demand for electricity from the commercial, residential and industrial sectors, so revenue rose. Since most businesses were shut down during COVID-19, spending on electricity from companies and manufacturers fell precipitously, hurting thermal power plant operators in 2020. The decline in revenue growth during the pandemic was reduced by high demand for electricity from households, as individuals stuck at home used their lights, computers and other devices more frequently.

As the global economy recovered from... Learn More

6. Ferrous Metal Foundry Products in Canada

2025-2026 Revenue Growth: -5.0%

Canadian ferrous metal foundries sell iron and steel castings to manufacturing and construction industries. Buyers use ferrous metal foundry products in various industrial applications, including farm machinery, engines, turbines, power transmission equipment, automobiles and railways. Despite robust demand for ferrous metal foundry products, foreign competition from low-cost producers in China and India has increasingly challenged domestic companies. As a result of volatility in manufacturing and construction markets, revenue has faltered. Revenue contracted at an expected CAGR of 1.2% to $1.5 billion through the current period, including a 2.6% dip in 2023, when profit reached 3.9%. Declining steel and iron prices... Learn More

7. Oil & Gas Field Services in Canada

2025-2026 Revenue Growth: -4.6%

Oil and gas field service operators in Canada have experienced volatile market conditions throughout 2023. World commodity prices performed well throughout the reporting period. However, a fall in natural gas and crude oil prices adversely affected revenue in 2020 and 2032. This decrease in revenue can be mainly attributed to the COVID-19 pandemic and other geopolitical tensions that caused the collapse in oil and gas demand and prices. As economic conditions improved from the peak of the pandemic, demand for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, IBISWorld forecasts revenue has been... Learn More

8. Recyclable Material Wholesaling in Canada

2025-2026 Revenue Growth: -4.5%

Canada's Recyclable Material Wholesaling industry has exhibited roller coaster growth over the five years to 2022. Companies collect, sort and bundle any recyclable material and then sell it to different entities for recycling when commodities such as wood pulp increase in price, scrap paper can be sold for more since these will go through the recycling process and become new steel or form ready to be used. As a consequence, the volatility of these commodities transfers to industry revenue. Industry revenue is expected to increase an annualized 1.9% to $16.7 billion over the five years to 2023, despite a forecast... Learn More

9. Wired Telecommunications Carriers in Canada

2025-2026 Revenue Growth: -4.2%

Rapid technological advancements have changed the way humans interact, pushing wired telecommunication services to the sidelines of communication. External competition from wireless telecommunication services and Voice over Internet Protocol (VoIP) software have lessened demand for local and long-distance telephony services. In recent years, many households have reduced expenses by cutting landline phone service. Industry revenue has been falling at a CAGR of 7.8% over the past five years, and is expected to reach $4.4 billion through the end of 2023. This includes a decline of 5.1% in 2023 alone.

Although households with high incomes initially purchased both wireless and wireline services,... Learn More

10. Mining, Oil & Gas Machinery Manufacturing in Canada

2025-2026 Revenue Growth: -4.0%

Canada is one of the world's largest producers of crude oil and natural gas, as well as a range of other metal and mineral commodities. This has traditionally benefited the Mining, Oil and Gas Machinery Manufacturing industry, which produces goods used by extraction industries. Revenue is closely tied to commodity prices, as these can dictate levels of investment and activity by extraction companies. Commodity prices have been hugely volatile over the five years to 2023, with the prices of many goods tanking, causing exploration activity and demand for industry products to fall in certain years. Overall, IBISWorld estimates that industry... Learn More