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Fastest Declining Industries in Canada by Revenue Growth (%) in 2023

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 2023

The 10 Fastest Declining Industries in Canada

Industry
2023-2024 Revenue Growth
1.

Oil & Gas Field Services in Canada

-6.8%
2.

Newspaper Publishing in Canada

-5.8%
3.

Natural Gas Distribution in Canada

-5.4%
4.

Wheat Farming in Canada

-4.8%
5.

Canned Fruit & Vegetable Processing in Canada

-4.0%
6.

Recyclable Material Wholesaling in Canada

-3.5%
7.

Book Stores in Canada

-3.0%
8.

Metal Stamping & Forging in Canada

-2.8%
9.

Office Stationery Wholesaling in Canada

-2.8%
10.

Telecommunications Networking Equipment Manufacturing in Canada

-2.6%

Want to see more fastest declining industries?

View a list of the Top 25 fastest declining industries

Fastest Declining Industries in Canada in 2023

  • 1. Oil & Gas Field Services in Canada

    2023-2024 Revenue Growth: -6.8%

    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

  • 2. Newspaper Publishing in Canada

    2023-2024 Revenue Growth: -5.8%

    Newspaper publishers in Canada are continuously feeling the effects of digital media. External competition from multiple mediums has sent the industry into a flurry, as consumers now have endless ways to access news and stories. As print readership has fallen, advertisers are pulling out of newspapers despite an uptick in advertising expenditure. The pandemic only further exasperated this dilemma as consumers were stuck at home and continued to digest news through their tablets, computers and smartphones. Overall, industry revenue has been decreasing at a CAGR of 9.5% over the past five years, and is expected to total $2.0 billion in... Learn More

  • 3. Natural Gas Distribution in Canada

    2023-2024 Revenue Growth: -5.4%

    Natural gas distributors in Canada, including gas distribution utilities, gas marketers and brokers are expected to suffer over the five years to 2023 as a result of highly volatile world and domestic prices of natural gas. Revenue has fluctuated in line with changes in natural gas prices, although the rates paid for natural gas by downstream consumers haven't been as volatile. The world price of natural gas has exploded in recent years as a complicated operating environment in the wake of the COVID-19 pandemic pushed prices to record highs, which has aided profit. Revenue is forecast to decline at a... Learn More

  • 4. Wheat Farming in Canada

    2023-2024 Revenue Growth: -4.8%

    Canadian wheat farms have grown despite considerable economic volatility through the end of 2023. The industry is highly globalized and reliant on trade, which has improved following the Canadian Wheat Board being dismantled in 2012; the board had restricted the marketing freedom of farms. Demand for Canadian wheat abroad has risen due to its high quality. Additionally, favourable price increases, driven by world wheat prices, have improved farm revenue and profitability. Improved trade ties with emerging economies have also aided growth by improving overall demand. Wheat farming revenue has grown at a CAGR of 4.0% to $15.1 billion through the... Learn More

  • 5. Canned Fruit & Vegetable Processing in Canada

    2023-2024 Revenue Growth: -4.0%

    Canned fruit and vegetable processors in Canada manufacture vegetable-based sauces, soups, canned produce, juices and dehydrated fruits and vegetables. Expanding health concerns regarding some of canned fruit and vegetable processors' products and boosting income levels have prompted consumers to turn to fresher or premium alternative goods. Despite manufacturers' efforts to introduce healthier brand extensions and safer packaging, demand for canned fruit and vegetable products has waned, pressuring canned fruit and vegetable processors' revenue. During the current period, boosted production from some processors has helped to mitigate overall losses. IBISWorld expects revenue for canned fruit and vegetable processing in Canada to... Learn More

  • 6. Recyclable Material Wholesaling in Canada

    2023-2024 Revenue Growth: -3.5%

    The Recyclable Material Wholesaling industry in Canada has exhibited roller coaster growth over the five years to 2022. Industry operators collect, sort and bundle any recyclable material and then sell it off 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 paper ready to be used. As a consequence, the volatility of these commodities transfers to industry revenue. Industry revenue is expected to increase an annualized 7.4% to $18.3 billion over the five years to... Learn More

  • 7. Book Stores in Canada

    2023-2024 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

  • 8. Metal Stamping & Forging in Canada

    2023-2024 Revenue Growth: -2.8%

    Metal stampers and forgers in Canada manufacture metal products using a variety of pressing machines and localized compressive forces. Industry products may be made of steel or nonferrous metals, such as aluminum, which are typically used as components in downstream manufacturing processes. Buyers of forged and stamped metal products include the commercial aerospace, defence and agricultural machinery manufacturing markets, among others. However, trade tensions with the United States, geopolitical uncertainty and the COVID-19 pandemic have hindered industry performance. Industry revenue has decreased at a CAGR of 8.9% throughout 2023, including a decline of 6.0% to total an estimated $1.4 billion... Learn More

  • 9. Office Stationery Wholesaling in Canada

    2023-2024 Revenue Growth: -2.8%

    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 2022 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. Telecommunications Networking Equipment Manufacturing in Canada

    2023-2024 Revenue Growth: -2.6%

    The Telecommunications Networking Equipment Manufacturing industry in Canada is a mere fragment of what it was in 2005, but the industry has expanded over the five years to 2022. This historical decay is primarily the result of competition from foreign companies that have more efficient cost structures and lower manufacturing costs alongside technological displacement of many fixed telecom products. Nonetheless, starting from a low point in 2013, the industry has recovered to an extent, though only slightly amid more difficult economic operating conditions such as the COVID-19 (coronavirus) pandemic. This recovery was founded on improving supply chains and a dependence... Learn More

More Industry Trends

Riskiest Industries in Canada in 2023

Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Riskiest Industries in Canada in 2023

VIEW ARTICLE

Least Risky Industries in Canada in 2023

Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Least Risky Industries in Canada in 2023

VIEW ARTICLE

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