Fastest Declining Industries in Canada by Revenue Growth (%) in 2021

1. Wired Telecommunications Carriers in Canada

2021-2022 Revenue Growth: -18.1%

Over the past decade, rapid technological advancements have changed the way humans interact, pushing the Wired Telecommunications Carriers industry in Canada to the sidelines of communication. External competition from the domestic Wireless Telecommunications Carriers industry (refer to IBISWorld report 51721CA) and Voice over Internet Protocol (VoIP) software have eaten away at sales from the industry's traditional sources of revenue, which are local and long-distance telephony services. Overall, industry revenue is expected to contract an annualized 10.9% to $4.3 billion over the five years to 2020. This includes revenue falling 15.0% in 2020 alone as the COVID-19 (coronavirus) pandemic accelerates the... Learn More

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

2021-2022 Revenue Growth: -8.4%

Over the five years to 2020, consumption-based growth, a significant portion of which is debt-financed, drove Canada's Loan Administration, Cheque Cashing and Other Services industry. IBISWorld estimates that aggregate household debt is expected to increase an annualized 3.1% during the five-year period. Canadian consumers' appetite for debt has boosted the industry in Canada 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 five-year period. Overall, industry revenue is projected to increase an annualized 0.8% to $1.3 billion over... Learn More

3. Supermarkets & Grocery Stores in Canada

2021-2022 Revenue Growth: -7.1%

The Supermarkets and Grocery Stores industry in Canada has experienced strong growth over the five years to 2020, which can be attributed to an expected spike in revenue in 2020 amid the COVID-19 (coronavirus) pandemic. Between 2015 and 2019, while rising levels of consumer confidence and slight growth in per capita disposable income provided an optimal business environment, the proliferation of supercentres stifled industry revenue as it increased price-based 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... Learn More

4. Metal Plating & Treating in Canada

2021-2022 Revenue Growth: -6.9%

Over the five years to 2021, the Metal Plating and Treating industry in Canada has fallen substantially amid general economic factors relating to the COVID-19 (coronavirus) pandemic. This industry provides services to fabricated metal product manufacturers, such as structural steel, steel sheet and steel coil manufacturers. The industry has proved extremely volatile, with revenue rising 7.2% in 2016 following the commodity crisis lows experienced in 2015, then falling 13.8% in 2020 due to the coronavirus pandemic. As a result, IBISWorld expects industry revenue to decline substantially, falling an annualized 4.0% to $1.9 billion over the five years to 2021, including... Learn More

5. Soap & Cleaning Compound Manufacturing in Canada

2021-2022 Revenue Growth: -6.3%

The Soap and Cleaning Compound Manufacturing industry in Canada has contracted over the five years to 2021 despite several conflicting revenue trends, in light of increased import competition from foreign manufacturers and significant volatility regarding crude oil prices. Both import penetration and crude oil prices have forced many operators to reduce selling prices to remain competitive. However, industry operators have benefited from growth in the Canadian population, which has increased demand for industry products from households, in addition to the COVID-19 (coronavirus) pandemic, which increased demand for soap and cleaning compounds both domestically and abroad. Despite the pandemic's overall negative... Learn More

6. Office Furniture Manufacturing in Canada

2021-2022 Revenue Growth: -6.3%

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

7. Newspaper Publishing in Canada

2021-2022 Revenue Growth: -6.1%

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

8. Major Household Appliance Manufacturing in Canada

2021-2022 Revenue Growth: -5.1%

Revenue for the Major Household Appliance Manufacturing industry in Canada is expected to decrease at an annualized rate of 2.7% to $432.7 million over the five years to 2021, including a projected decline of 7.8% in 2021 alone. The decline in 2021 can be partly attributed to the adverse economic effects of the COVID-19 (coronavirus) pandemic. Due to weak underlying domestic demand, high cost of labour and increasing input costs, many of the industry's multinational companies chose to relocate production abroad.

Due to the appreciation of the Canadian dollar, the high cost of labour proved disastrous for the industry's manufacturers over... Learn More

9. Office Stationery Wholesaling in Canada

2021-2022 Revenue Growth: -4.3%

The Office Stationery Wholesaling industry in Canada has struggled to remain competitive as demand for traditional office products has fallen out of favour. Demand for business forms, direct mailing supplies and print advertising has been slow to improve over the five years to 2020 due to declining purchases of paper products among individuals, retailers and corporate clients. Office stationery wholesalers have also struggled to contend with rising competition from electronic mediums and office supply superstores that increasingly purchase stationery products directly from manufacturers. Moreover, the COVID-19 (coronavirus) pandemic has further hindered consumer confidence and forced nonessential businesses to temporarily close,... Learn More

10. Life Insurance & Annuities in Canada

2021-2022 Revenue Growth: -4.1%

The Life Insurance and Annuities industry in Canada has experienced a decline over the five years to 2020 amid the COVID-19 (coronavirus) 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 lower interest rates and an increase in the morbidity rate. As a result, industry revenue is expected to decline an annualized 1.6% to $76.7 billion over the... Learn More