Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Fastest Growing Industries by Imports in Canada in 2024
The 10 Fastest Growing Industries by Imports in Canada
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1. Ceramics Manufacturing in Canada
Growth in Imports for 2024: 64.2%
Ceramics manufacturers supply ceramic materials for various applications to downstream industries ranging from retail to construction and manufacturing. While economic and population growth in Canada has led the country's manufacturing sector to flourish in recent years, rising import penetration has explicitly been challenging to ceramic manufacturers. Buyers have been importing more ceramic materials than they've bought domestically in recent years, straining the industry's ability to compete. The COVID-19 pandemic exacerbated a challenging operating environment, as disruptions to nearly every downstream market introduced unprecedented volatility. As manufacturing and industrial capacity recovered in 2021, supply chain disruptions and labour shortages limited growth.... Learn More
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2. Medical Device Manufacturing in Canada
Growth in Imports for 2024: 55.8%
Canadian medical device manufacturers have endured volatile performance through the current period. Given the essential nature of medical devices, higher total health expenditure and the Canadian dollar's depreciation were boons for manufacturers. While steady demand from the healthcare sector and an aging population often insulates manufactures from large economic fluctuations, the pandemic created notable disruptions; healthcare providers shifted resources to battle the pandemic, contributing to an overall drop in revenue. Ongoing supply chain issues for key components of medical devices, especially semiconductors, also weighed on performance. As the broader economy and healthcare sector recovers, medical device manufacturers will swiftly rebound.... Learn More
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3. Ball Bearing Manufacturing in Canada
Growth in Imports for 2024: 53.4%
The Canadian ball bearing manufacturing industry exhibited weak performance through the end of 2023. The industry manufactures ball and roller bearings, which reduce friction and control motion between two or more rotating parts. Bearings are needed for the manufacturing of vehicles in the transportation, defence and aerospace sectors and for the manufacturing of other equipment with rotating parts. The industry depends on demand from a variety of manufacturing markets. Weak activity from these downstream industries, especially amid the COVID-19 pandemic and strong competitive pressures from imports have hindered the growth of the industry. Ball bearing manufacturing revenue has plunged at... Learn More
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4. Toy, Doll & Game Manufacturing in Canada
Growth in Imports for 2024: 43.5%
Toy, doll and game manufacturers have struggled over the current period. With manufacturers producing overlapping goods, price competition is high, forcing domestic manufacturers to reduce prices to compete with inexpensive imports from low-cost countries. This trend has led many large manufacturers to offshore their operations to take advantage of lower wage costs. The outbreak of COVID-19 had mixed effects on manufacturers as temporary closures of retailers led to a dip in growth for much of 2020, but a rise in leisure time and families spending more time at home offset some losses. Lower input costs in 2020 led to a... Learn More
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5. Printing, Paper, Food, Textile & Other Machinery Manufacturing in Canada
Growth in Imports for 2024: 42.3%
Printing, paper, food, textile and other machinery manufacturers are critical in supplying equipment to Canada's broader manufacturing sector. Healthy economic and population growth has led the country's manufacturing sector to flourish in recent years, benefiting machinery manufacturers. But, the COVID-19 pandemic was especially challenging for manufacturers, as disruptions to nearly every downstream market introduced unprecedented volatility. Diversification suppressed the industry's decline, but some manufacturing companies were still hit harder than others, depending on their specialization. As manufacturing and industrial capacity recovered in 2021, supply chain disruptions and workforce shortages limited growth for machinery manufacturers. Manufacturers struggled to source critical inputs... Learn More
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6. Concrete Pipe & Block Manufacturing in Canada
Growth in Imports for 2024: 39.8%
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
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7. Lighting Fixtures Manufacturing in Canada
Growth in Imports for 2024: 35.2%
Light fixture manufacturers in Canada have captured opportunities abroad and have expanded throughout the five years to 2023. Despite sluggish growth in domestic nonresidential construction activity and high import penetration, the industry has benefited from strong demand from the United States, which is anticipated to account for 95.4% of industry exports. Additionally, operators have increasingly promoted home lighting fixtures domestically as residential construction has thrived while interest rates were at an all-time low following the pandemic. Overall, revenue has been growing at a CAGR of 0.5% over the past five years and is expected to total $1.8 billion in 2023,... Learn More
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8. Tractors & Agricultural Machinery Manufacturing in Canada
Growth in Imports for 2024: 30.7%
Agricultural machinery manufacturers in Canada have had tepid growth despite fluctuating demand over the five years to 2023. These companies manufacture a variety of products, including tractors and harvesters, that are essential to modern-day farming. While these products are ubiquitous on farms, revenue remains exposed to the volatility of farm income, which affects farm demand for new equipment. Agricultural machinery manufacturers have endured uneven demand from farms in Canada and the United States as agricultural commodity prices had increased volatility in recent years, especially amid the COVID-19 pandemic, though subsidies muted this trend. Revenue is anticipated to climb at a... Learn More
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9. Aircraft, Engine & Parts Manufacturing in Canada
Growth in Imports for 2024: 30.6%
Revenue for the Canadian Aircraft, Engine and Parts Manufacturing industry has been declining over the past five years as a result of volatile economic conditions. In particular, the Canadian industry is a leader in manufacturing business aircraft, commercial planes with less than 150 seats, civil helicopters, regional and small engines and various aerospace components. The COVID-19 (coronavirus) pandemic weighed heavily on the industry given its effect on air travel, and thus, downstream demand. Industry revenue has been falling at a CAGR of 5.2% over the past five years, reaching $19.5 billion in 2023. This includes a projected rise of 3.7%... Learn More
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10. Women's, Girls' & Infants' Apparel Manufacturing in Canada
Growth in Imports for 2024: 23.8%
Since the removal of apparel import tariffs on less developed nations in 2003, the Women's, Girls' and Infants' Apparel Manufacturing industry in Canada has been challenged by imports. The industry is now characterized by offshoring, import competition and a subsequent shift toward the production of high-end, value-added designer and handcrafted fashions. Since manufacturing remains a relatively labour-intensive industry, more operators have offshored manufacturing operations to take advantage of lower wage costs. However, industry revenue has decreased at a CAGR of 8.6% over the past five years and is expected to total $467.4 million in 2023, when revenue will fall by... Learn More
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Biggest Industries by Employment in Canada in 2024
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 ARTICLEBiggest Industries By Revenue in Canada in 2024
Based 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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