Biggest Industries by Revenue in Canada in 2023

1. Commercial Banking in Canada

Revenue for 2023: $211.7B

Despite low interest rates and some hiccups in economic growth, the Commercial Banking industry in Canada has expanded over the five years to 2022. Banks have done an exceptional job of diversifying revenue streams and overcoming limits imposed by low interest rates and increasing regulations. The industry primarily generates revenue through interest income sources, such as business loans and mortgages, but it also generates income through noninterest sources, which include fees on a variety of services and commissions. Consequently, industry revenue is expected to grow an annualized 1.8% to $211.8 billion over the five years to 2022, including an increase... Learn More

2. Gasoline & Petroleum Bulk Stations in Canada

Revenue for 2023: $147.4B

Companies in the Canadian Gasoline and Petroleum Bulk Stations industry manage bulk storage tanks and terminals for crude oil and petroleum products such as gasoline, diesel fuel, fuel oil and liquid petroleum gases. These bulk stations are often located near major refineries, ports and industrial centres to quickly and efficiently receive product and unload it to customers. These stations play an important role in the supply chain of crude oil and petroleum products. Given that the industry serves as a conduit between petroleum refiners and markets further downstream, the industry's performance is intimately linked to the supply of and demand... Learn More

3. Gasoline & Petroleum Wholesaling in Canada

Revenue for 2023: $127.0B

The Gasoline and Petroleum Wholesaling industry in Canada distributes petroleum products to retail gas stations, manufacturers and other customers. The price of industry products is tied to global crude oil prices, which can cause significant volatility for operators. Crude oil prices rose sharply in the years leading up to the reporting period due to growing global economic activity and rising demand, which prompted strong growth in revenue. In 2020, the world price of crude oil fell significantly as quarantine measures and concerns over the economy reduced downstream demand for oil and gas products. However, strong growth in oil prices is... Learn More

4. Oil Drilling & Gas Extraction in Canada

Revenue for 2023: $126.0B

The Oil Drilling and Gas Extraction industry in Canada is highly dependent on global market prices of crude oil and natural gas. The industry exhibited strong growth in the years leading up to the reporting period, with rising prices leading to significant growth in investment. In turn, industry production of natural gas and oil has risen consistently over the past decade. Further, the prices of both commodities are expected to grow over the five years to 2022, resulting in growth in industry revenue and capital investment. Industry revenue is expected to grow an annualized 4.9% to $133.1 billion over the... Learn More

5. New Car Dealers in Canada

Revenue for 2023: $125.0B

Revenue for the Canadian New Car Dealers industry in Canada is expected to expand, albeit marginally, over the five years to 2022. While demand for automobiles has been driven by healthy economic conditions during most of the period, such as rising consumer confidence and low unemployment, the COVID-19 (coronavirus) pandemic has caused the reversal of many of these trends. However, due to the government's Economic Response Plan regarding the pandemic, disposable income in Canada rose in 2020 following various programs and support payments made to individuals and families, protecting operators from experiencing a more profound revenue decline. Rising disposable income... Learn More

6. Supermarkets & Grocery Stores in Canada

Revenue for 2023: $98.2B

The Supermarkets and Grocery Stores industry in Canada has continued growing over the five years to 2022, despite the COVID-19 (coronavirus) pandemic. While rising levels of consumer spending and per capita disposable income provided an optimal business environment, the spread of supercentres has stifled industry revenue as it increased price competition and provided customers with a one-stop shopping experience. Many consumers sought cost savings at grocery stores, stocking up on promotional items or trading down to private-label brands. In response, retailers expanded their private-label brands to appeal to these consumers. However, while this shift has helped operators maintain sales volumes,... Learn More

7. Life Insurance & Annuities in Canada

Revenue for 2023: $87.1B

Insurers in Canada have experienced steady growth amid the COVID-19 pandemic. Industry operators accept liability for annuities and life insurance policies, disability income and accidental death and dismemberment insurance policies, while also investing the premiums received by clients into a variety of financial securities. The industry has mainly suffered from the negative economic effects caused by the coronavirus pandemic, such as volatile interest rates and an increase in the morbidity rate. Despite this, revenue still grew at a CAGR of 2.5% to $114.3 billion, including a 1.9% rise in 2023 alone, when profit reached 0.9%. However, growth was limited due... Learn More

8. Property, Casualty and Direct Insurance in Canada

Revenue for 2023: $81.0B

Property, casualty (P&C) and direct insurers service individuals and businesses by providing protection against a variety of man-made and natural events, such as car accidents, severe storms, wildfires, business theft and medical malpractice. The industry has slightly declined throughout 2023 but has still benefited from gradual growth in per capita disposable income and corporate profit, which have enabled industry operators to charge higher premiums. Moreover, as the Canadian population has grown, aged, urbanized and gotten progressively wealthier, demand was boosted for property, casualty and direct insurance. However, revenue is still expected to decrease at a CAGR of 0.5% to $77.6... Learn More

9. Pharmaceuticals & Pharmacy Supplies Wholesaling in Canada

Revenue for 2023: $77.3B

Pharmacy wholesalers have benefited from its integral role in the pharmaceutical supply chain without the plague of external competition from manufacturers, which is endemic to most wholesale industries. Pharmaceutical wholesalers and self-distributing pharmacy chains, which are excluded from the industry, account for 95.0% of total pharmaceuticals distributed to pharmacies and to long-term and specialized healthcare facilities. Pharmaceuticals have comprised one of the fastest-growing segments of healthcare expenditures over the past two decades. Due to the burgeoning elderly population's sustained need for pharmaceuticals, many downstream markets have sought out wholesalers to provide quick product turnaround. Perpetuating this trend, the uptick of... Learn More

10. Hospitals in Canada

Revenue for 2023: $69.7B

The Hospitals industry in Canada, which includes medical and surgical hospitals, has exhibited stable growth over the five years to 2022. Canada's healthcare system is predominately public, with nearly three-quarters of funding coming from the public sector and the remainder from the private sector, according to the Canadian Institute for Health Information (CIHI). Therefore, the industry is heavily reliant on both federal and provincial funding, which is mostly allocated via global budgets systems, where a fixed payment amount is allocated to a provider to cover operating expenses for a period of time.

While industry operators initially benefited from increased federal funding,... Learn More