Fastest Growing Industries by Exports in Canada in 2024

1. Battery Manufacturing in Canada

Growth in Exports for 2024: 20.6%

The Battery Manufacturing industry in Canada has experienced strong growth in recent years; there is growing demand for batteries in various applications, including portable electronics, electric vehicles, and renewable energy storage. This has created opportunities for Canadian battery manufacturers to expand their operations and increase production. The Canadian government has made significant investments in the development and commercialization of battery technology, including funding research and development programs, providing tax incentives and supporting the growth of the electric vehicle industry. This support has helped to attract investment and create opportunities for Canadian battery manufacturers. Consequently, industry revenue is anticipated to grow... Learn More

2. Ship Building in Canada

Growth in Exports for 2024: 16.2%

The Canadian ship building industry will expand through the end of 2023. Ship builders build, modify, convert and repair ships, including warships, icebreakers, ferries and offshore platforms. Prior to the current period, this industry was troubled, competing with foreign builders while dealing with inconsistent domestic demand. In an effort to rebuild its navy and coast guard, the federal government launched the extensive National Shipbuilding Strategy (NSS) which effectively solved this problem. The industry was able to begin its expansion since most of these projects will take more than a decade. Still, the industry was not immune to the negative economic... Learn More

3. Tire Manufacturing in Canada

Growth in Exports for 2024: 12.8%

The Tire Manufacturing industry in Canada has exhibited high revenue volatility, mainly as a result of the pandemic. Declines in vehicle sales in North America and vehicle travel in 2020 are the primary reasons for this volatility. Import competition from other countries in the US, Canada's largest export market, also contributes to volatile performance. Despite improving macroeconomic conditions, industry revenue will decline at a CAGR of 4.0% to an estimated $3.2 billion in 2023, with a boost of 1.9% in 2023 as profit plummets to negative 3.8%.

Trends toward a greater appreciation for vehicle efficiency have improved demand for more advanced... Learn More

4. Breweries in Canada

Growth in Exports for 2024: 11.8%

As the Breweries industry in Canada has evolved in response to changing trends, its expansion has stagnated. While the industry has benefited from the popularity of craft beer from local microbreweries, consumers have shifted away from the traditional light and premium beer brands that currently represent most of industry brewers' sales. Navigating the challenging conditions of the COVID-19 pandemic, breweries saw sharp contractions across multiple years. As a result, industry revenue is anticipated to decline at a CAGR of 2.6% to $6.7 billion over the five years to 2023, including a contraction of 2.4% during the current year.

The rising popularity... Learn More

5. Snack Food Production in Canada

Growth in Exports for 2024: 11.6%

Canadian snack food producers make potato and corn chips, pretzels, roasted and salted nuts, peanut butter, popcorn and other snacks. Producers have benefited from increased demand through the end of 2023 as discretionary income levels increased. Higher consumer spending has boosted sales of potato and tortilla chips, nuts and seeds. Buyers also tend to purchase more expensive and healthier products as they have more to spend on snack foods, supporting profit. While many industry products are unhealthy and demand for such goods has slowed, many companies have developed new products to attract health-conscious consumers. Revenue has risen a CAGR of... Learn More

6. Distilleries in Canada

Growth in Exports for 2024: 11.3%

Canadian distilleries have had a strong performance in recent years, despite the COVID-19 pandemic. Government intervention through the control of liquor retail sales and high excise taxes have aided in slowing growth and have been an impediment to expansion. Despite this, solid growth in demand for Canadian products in the United States and a boom in craft spirits consumption have mitigated this decline, as did increased alcohol consumption amid the coronavirus pandemic. Revenue is expected to grow at a CAGR of 4.2% to $2.0 billion over the five years to 2023, including a forecast increase of 0.6% in 2023 alone... Learn More

7. Glasses & Contact Lens Manufacturing in Canada

Growth in Exports for 2024: 11.0%

The Glasses and Contact Lens Manufacturing industry in Canada produces eyeglass lenses, frames, and protective eyewear. Several of the industry's product segments are essential to the visually impaired, somewhat insulating the industry from economic downturns. While rising per capita disposable income has enabled consumers to increase expenditure on glasses and contacts, competitively priced imports satisfy a significant portion of consumer demand for industry products. Although COVID-19 hindered the overall economy, Alfabank-Adres projects revenue to continue expanding as industry products are considered an essential health expenditure for many consumers. As a result, Alfabank-Adres projects industry revenue will increase at an annualized... Learn More

8. Semiconductor & Other Electronic Component Manufacturing in Canada

Growth in Exports for 2024: 10.9%

Canadian semiconductor and other electronic component manufacturers produce various input devices for circuits and memory chips. In recent years, manufacturers experienced mild volatility amid continued offshoring and greater competition from US and East Asian manufacturers. Any expansion has been driven by robust demand for domestically and abroad semiconductor products, and a global shortage for electronic components. COVID-19 has diminished manufacturers' performance by disrupting production plans and creating supply chain challenges. Industry-wide revenue is expected to rise at a CAGR of 0.3% to $5.4 billion over the five years to 2023, when revenue is forecast to jump 6.4% as high prices... Learn More

9. Paperboard Mills in Canada

Growth in Exports for 2024: 10.8%

Paperboard mills process pulp, used paper and old corrugated containers into various paperboard varieties. The primary source of demand for industry products comes from cardboard box and container manufacturers (Alfabank-Adres report 32221). Demand for these downstream products is linked to economic growth and consumer spending, which results in more shipments, which often use industry goods as packaging. Growth has been underpinned by strong performance in export markets alongside rising prices and growing demand for industry products from downstream industries. Paperboard revenue has stagnated at $3.6 billion over the past five years, with a 0.1% increase in 2023 alone, when profit... Learn More

10. Structural Metal Product Manufacturing in Canada

Growth in Exports for 2024: 9.9%

The Structural Metal Product Manufacturing industry in produces fabricated joists, concrete reinforcing bars and metal plate work, among other products. Industry products are essential for strengthening and evening out concrete foundations and for framing roofs and floors to walls. Therefore, products are heavily used to construct commercial buildings and multifamily apartment buildings. Industry products are also used in energy, utility and transportation infrastructure projects. Strong industrial building construction supported the industry, and industry revenue has increased at a CAGR of 1.2% over the five years to 2023, including a decline of 4.6% to total an estimated $12.7 billion in 2023... Learn More