Fastest Growing Industries by Exports in Canada in 2023

1. Mineral & Phosphate Mining in Canada

Growth in Exports for 2023: 91.3%

Canadian mineral and phosphate mining companies produce a wide variety of nonmetallic mineral products, but are largely dominated by the production of potash. Canada is the world's largest producer and exporter of potash, which is a primary input for fertilizer manufacturers worldwide. Just prior to the current period, in 2016, the price of potash plummeted because of price competition resulting from the breakup of the Belarusian Potash Company, a major exporting business that contributed to the control of global potash markets. Prices for many materials have recovered since then, with mineral and phosphate mining revenue forecast to expand 7.9% in... Learn More

2. Flour Milling in Canada

Growth in Exports for 2023: 61.2%

The Flour Milling industry in Canada has experienced strong growth over the five years to 2023 amid a surge in demand for Canadian flour milling products in 2022 and 2023. The industry includes operators that produce flour products from milling grains, rice millers, and malt manufacturers. Flour is the largest product segment, and heightened demand for Canadian flour has buoyed industry growth. Malt manufacturing has also driven the industry's growth, given that Canada is the second-largest exporter of malt in the world. Overall, industry revenue is expected to expand an annualized 11.4% to $4.7 billion over the five years to... Learn More

3. Metal Pipe & Tube Manufacturing in Canada

Growth in Exports for 2023: 30.7%

The Canadian Metal Pipe and Tube Manufacturing industry has experienced fluctuations but, overall, has experienced moderately greater demand over the past five years. Factors such as volatile hydrocarbon prices and unstable demand from the energy sector has negatively impacted the industry performance. Unpredictable steel prices also disrupted operations as companies found it challenging to transfer costs to customers; consequently, the industry's profit margin varied during this period. However, since the onset of economic recovery post-COVID, profit has started to rise. Despite the challenges amplified by the pandemic, industry revenue has grown at a CAGR of 1.3%, reaching $6.3 billion by... Learn More

4. Wiring Device Manufacturing in Canada

Growth in Exports for 2023: 26.7%

Strong import penetration has created a ceiling for the Wiring Device Manufacturing industry in Canada, while domestic demand has fluctuated as a result of the COVID-19 pandemic. Foreign competition from less-expensive products has hurt the viability of domestically-manufactured products, while a strong Canadian dollar has hurt exports abroad. The pandemic has created a further seesaw in downstream markets, as residential construction demand was counteracted by a decline in commercial construction. Despite growth in 2020 and 2021, industry revenue has been declining at a CAGR of 6.6% over the past five years, and is expected to total $888.9 million in 2023.... Learn More

5. Medical Instrument & Supply Manufacturing in Canada

Growth in Exports for 2023: 24.4%

The Medical Instrument and Supply Manufacturing industry in Canada produces a variety of nonelectric medical, dental and veterinary products for personal and professional use. The industry's broad range of medically necessary products largely shields revenue from sharp fluctuations based on changes in specific downstream demand environments. However, pressure from imports is an omnipresent threat that has encouraged operators to embrace product innovation over standardized manufacturing. Despite pressures, industry revenue is forecast to increase at a CAGR of 1.0% to $5.8 billion, including an anticipated decline of 3.8% in 2023 alone.

Several large demographic and economic factors catalyze demand for medical instruments.... Learn More

6. Canned Fruit & Vegetable Processing in Canada

Growth in Exports for 2023: 21.1%

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

7. Billboard & Sign Manufacturing in Canada

Growth in Exports for 2023: 20.0%

The Billboard and Sign Manufacturing industry in Canada has faltered, even as the domestic economic climate proved resilient. Billboards have maintained their appeal as one of the few remaining ways to reach a broad consumer base in an increasingly fragmented media landscape. Consequently, advertisers have continued spending on billboard space. However, billboards and signs have been hurt by a fundamental shift in advertising spending, as downstream customers have shifted toward online advertising because of its improved ability to targeting specific audiences. The COVID-19 pandemic presented a further challenge, as economic output contracted and industry revenue feel 18.8% in 2020 alone.... Learn More

8. Frozen Food Production in Canada

Growth in Exports for 2023: 18.5%

The Frozen Food Production industry in Canada is expected to grow as companies have developed a variety of healthier offerings that appeal to more consumers. These new products have helped revamp the industry's image and have increased demand for goods. Historically, consumers have diverted from frozen goods in favour of fresh products during period of rising income levels, which are traditionally considered healthier. However, producers have worked to ameliorate this by offering increasingly nutritious products. The Canadian dollar has, at the same time, stabilized well below historic highs, promoting an expansion of export revenue. Buoyed by additional demand spawned by... Learn More

9. Pump & Compressor Manufacturing in Canada

Growth in Exports for 2023: 12.0%

Products produced and sold by pump and compressor manufacturers are used in a wide range of downstream industries, but water management facilities, oil and gas operations and construction markets are the most crucial. Operations are also highly influenced by international trade, as imports represent a dire threat to domestic producers, while exports are a potential life line for many. Volatile conditions during the period resulted in declining revenue and weakening performance, though some managed to weather the storm. Over the past five years, revenue has been declining at a CAGR of 3.9% to $2.4 billion in 2023 when revenue is... Learn More

10. Fertilizer Manufacturing in Canada

Growth in Exports for 2023: 11.2%

Operators in the Fertilizer Manufacturing industry in Canada produce fertilizer, which is a natural or manufactured mixture containing at least 5.0% nitrogen, phosphorous or potassium. Fertilizer is used for crops that produce food, animal feed, fibre and energy. Fertilizer is a globally traded commodity and thus the prices of industry goods are closely linked with global supply and demand conditions.

Industry performance has fluctuated positively over the five years to 2023 in response to favourable volatility in domestic fertilizer prices, although agricultural output has remained overall steady. Falling fertilizer prices amid the COVID-19 pandemic and a stunted economy briefly cut... Learn More