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Fastest Declining Industries in Canada by Revenue Growth (%) in 2022

Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Fastest Declining Industries in Canada by Revenue Growth (%) in 2022

The 10 Fastest Declining Industries in Canada

Industry
2022-2023 Revenue Growth
1.

Canned Fruit & Vegetable Processing in Canada

-7.2%
2.

Heating & Air-Conditioning Equipment Manufacturing in Canada

-7.0%
3.

Newspaper Publishing in Canada

-6.7%
4.

Thermal Power in Canada

-5.9%
5.

Office Furniture Manufacturing in Canada

-4.8%
6.

Paper Mills in Canada

-4.2%
7.

Satellite TV Providers in Canada

-3.7%
8.

Telemarketing & Call Centres in Canada

-3.2%
9.

Book Stores in Canada

-3.0%
10.

Moving Services in Canada

-2.7%

Want to see more fastest declining industries?

View a list of the Top 25 fastest declining industries

Fastest Declining Industries in Canada in 2022

  • 1. Canned Fruit & Vegetable Processing in Canada

    2022-2023 Revenue Growth: -7.2%

    Operators in the Canned Fruit and Vegetable Processing industry in Canada manufacture vegetable-based sauces, soups, canned produce, juices and dehydrated fruits and vegetables. The industry has struggled over the five years to 2021, with health concerns regarding some of its products and rising income levels, prompting consumers to turn to fresher or premium alternative goods. Despite manufacturers' efforts to introduce healthier brand extensions and safer packaging, demand for industry products has waned, lowering industry revenue. During the period, increased production from some operators, such as McCormick & Company Inc., which moved the production of French's ketchup to Ontario, has helped... Learn More

  • 2. Heating & Air-Conditioning Equipment Manufacturing in Canada

    2022-2023 Revenue Growth: -7.0%

    The Heating and Air-Conditioning Equipment Manufacturing industry in Canada manufactures heating equipment, commercial refrigeration equipment, air conditioners, commercial and industrial fans, blowers, air purification equipment and electric and nonelectric heating and refrigeration equipment. Collectively, these goods are known as heating, ventilation, air-conditioning and refrigeration (HVACR) equipment. Early over the five years 2022, downstream growth from the Canadian residential market, rising exports and new energy-efficient standards benefited industry operators. Following initial disruptions due to the COVID-19 (coronavirus) pandemic, exceptional growth in residential construction and remodeling markets drove further industry expansion and profit growth. As a result, industry revenue is expected to... Learn More

  • 3. Newspaper Publishing in Canada

    2022-2023 Revenue Growth: -6.7%

    The Newspaper Publishing industry in Canada has been reeling as a result of competition from digital platforms. Typically, industry revenue is dependent on consumers' per capita disposable income levels and print advertising expenditure. Amid declining print news readership, print advertising has declined sharply. More readers are now opting to read news articles online, augmented by the rapid adoption of tablet and mobile devices. Disruptions to circulation sales during the COVID-19 (coronavirus) pandemic is anticipated to further contribute to this trend. Due to declining readership and resulting lower advertising revenue streams, industry revenue is expected to decline, falling an annualized 8.8%... Learn More

  • 4. Thermal Power in Canada

    2022-2023 Revenue Growth: -5.9%

    The Thermal Power industry in Canada is composed of operators that generate electricity using natural gas, coal, uranium or crude oil. The industry has experienced decline over the five years to 2022. While conditions have been positive, with rising electricity prices and increasing demand from commercial and industrial markets, save for the COVID-19 (coronavirus) pandemic, the industry has experienced some difficulties. Coal has long been a key source of thermal power, but most provinces have plans to phase out coal power by 2030. Further, the largest share of industry power comes from nuclear facilities, many of which have required refurbishment... Learn More

  • 5. Office Furniture Manufacturing in Canada

    2022-2023 Revenue Growth: -4.8%

    The Office Furniture Manufacturing industry in Canada is expected to decline over the five years to 2021. The industry produces business-oriented furniture as well as office and retail fixtures. The market for office furniture is highly dependent on cyclical macroeconomic conditions, such as unemployment rate, corporate profit levels and nonresidential construction activity. Domestic demand for office furniture has been volatile due to recovering commodity prices affecting total exports to the United States. With purchasing costs increasing, operators are pressured to increase product prices, leaving buyers to seek inexpensive alternatives. Furthermore, the COVID-19 (coronavirus) pandemic introduced unprecedented challenges for operators and... Learn More

  • 6. Paper Mills in Canada

    2022-2023 Revenue Growth: -4.2%

    The Paper Mills industry in Canada has continued to experience broader declines over the five years to 2022. One of the biggest drivers of such decline has been the contraction of downstream publishing industries across North America, with the faltering newspaper industry in particular damaging industry performance. All domestic publishing industries have experienced decreased revenue from downstream paper-based communications companies. With key markets suffering and falling demand for the industry's largest product, newsprint, IBISWorld anticipates industry revenue to decrease. Revenue will likely decline an annualized 2.2% to $6.3 billion over the five years to 2022, including an increase of 1.6%... Learn More

  • 7. Satellite TV Providers in Canada

    2022-2023 Revenue Growth: -3.7%

    Over the five years to 2021, the Satellite TV Providers industry in Canada has struggled to maintain its subscribers as consumers have migrated toward substitute services, such as Internet Protocol TV (IPTV). Prior to the current period, the industry had continuously added subscribers before the proliferation of internet-based TV subscription packages. Since 2012, the industry has experienced a steady decline in subscribers, ultimately falling prey to external competition, such as Netflix Inc. and EPICIPTV.net. Consequently, industry revenue is expected to fall at an annualized rate of 4.4% to $1.9 billion over the five years to 2021, despite slight forecast growth... Learn More

  • 8. Telemarketing & Call Centres in Canada

    2022-2023 Revenue Growth: -3.2%

    The Telemarketing and Call Centres industry in Canada has struggled with falling demand and an overall hostile competitive landscape. Industry operators provide a variety of domestic and international clients with inbound call services such as technical support and customer assistance, as well as outbound call services such as telemarketing, fundraising and debt collection. Over the five years to 2021, many large companies have reduced their Canadian operations and offshored to overseas locations that have high English proficiency, but lower wage costs. In addition to offshoring, industry performance has also been hurt by a sharp decline in outbound calling services, historically... Learn More

  • 9. Book Stores in Canada

    2022-2023 Revenue Growth: -3.0%

    The Book Stores industry in Canada has declined over the five years to 2021 amid high levels of external competition from online retailers and e-books, which offer alternative and more affordable channels through which consumers are able to purchase industry goods. Particularly threatening to industry revenue, however, has been the rise of online retailers, which often offer a wider variety of items at competitive prices, in addition to the COVID-19 (coronavirus) pandemic which has negatively affected the retail sector over 2020 and 2021. Revenue is estimated to fall an annualized 6.2% to $1.9 billion over the five years to 2021,... Learn More

  • 10. Moving Services in Canada

    2022-2023 Revenue Growth: -2.7%

    The Moving Services industry in Canada, which provides relocation services to households, governments and commercial clients, has experienced modest growth over the five years to 2021. While steady economic expansion has supported revenue growth, declines in corporate profit and volatile oil prices have limited commercial demand for industry services. Industry revenue has also been buoyed by improvement in the Canadian housing market, demonstrated by a growing value of residential construction and housing starts during the period. Overall, industry revenue is estimated to grow an annualized 1.0% to $1.2 billion over the five years to 2021. This includes an expected increase... Learn More

More Industry Trends

Riskiest Industries in Canada in 2022

Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Riskiest Industries in Canada in 2022

VIEW ARTICLE

Least Risky Industries in Canada in 2022

Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Least Risky Industries in Canada in 2022

VIEW ARTICLE

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