Fastest Declining Industries in Canada by Revenue Growth (%) in 2026

• 1. Lubricant & Other Petroleum Product Manufacturing in Canada

  2026 Revenue Growth: -5.6%

  Lubricant oil manufacturers have enjoyed a profitable, if uneven, run in recent years. Elevated crude prices since 2022 have let producers push through hefty list‑price increases, while exports to the United States have quietly become a critical safety valve for a small, open market. At the same time, the industry’s structure has shifted: small blenders have declined, import competition has firmed up and the auto sector, traditionally the core demand engine, is changing in ways that don’t alw...

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• 2. Mining, Oil & Gas Machinery Manufacturing in Canada

  2026 Revenue Growth: -3.8%

  Canadian mining, oil and gas machinery manufacturers faced fluctuating input costs, notably with steel, impacting revenue and profit. When these prices skyrocketed in the middle of the period, so did revenue, as manufacturers were able to pass these costs on to consumers. Steel prices eventually stabilized in 2024, allowing companies to salvage profit while keeping revenue steady. Overall, industry revenue has pushed up at a CAGR of 5.3% through 2025, reaching $5.2 billion, including a 4.0% u...

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• 3. Wiring Device Manufacturing in Canada

  2026 Revenue Growth: -3.7%

  Wiring device manufacturers have enjoyed strong growth over the past five years. Switches for electrical circuitry have been doing the heavy lifting, buoyed by industrial construction, infrastructure work and ongoing grid upgrades, even as residential activity wobbles and auto manufacturing weakens. At the same time, soaring input costs and a shakeout among smaller producers have pushed the industry further toward larger, more automated and specialized manufacturers that are better positioned...

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• 4. Radio Broadcasting in Canada

  2026 Revenue Growth: -3.7%

  Radio broadcasters in Canada have been at the mercy of the constantly evolving entertainment space. In particular, new methods of music consumption, like on-demand streaming services, have been the single greatest threat to these broadcasters. While Canadian radio broadcasters have combated this competition by focusing more on value-added talk show formats, advertising dollars have consistently been routed to the digital and streaming entertainment realms, hurting the primary avenue of revenu...

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• 5. Jewellery Manufacturing in Canada

  2026 Revenue Growth: -3.4%

  Canadian jewellery production has endured significant volatility in recent years. Fluctuating macroeconomic conditions have directly impacted demand for luxury products. Jewellery revenue jumped in 2020 and 2021. During this time, producers benefited from passing on soaring gold and silver prices to buyers, which, combined with higher significant disposable income gains in 2020, largely supported growing revenue. Although input prices largely continued to grow over the following years, weaken...

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• 6. Household Furniture Manufacturing in Canada

  2026 Revenue Growth: -3.3%

  Over the past five years, the Canadian household furniture manufacturing industry has faced an era defined by volatility and structural adjustment. Pandemic-era disruptions sparked sharp increases in input costs for lumber, foam and metals, as well as surging freight rates and persistent component shortages. These pressures forced manufacturers to rework sourcing strategies and invest in automation or digital capabilities just to keep pace as consumer behaviour shifted rapidly toward e-commer...

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• 7. Wired Telecommunications Carriers in Canada

  2026 Revenue Growth: -3.3%

  Over the last five years, the wired telecommunications industry in Canada has been in structural decline as consumers and businesses shift decisively toward mobile and internet-based communications. Industry revenue is expected to decrease at a CAGR of 4.4% to $5.2 billion over the five years to 2025, including a decrease of 2.2% in 2025 alone, as access lines fall and traditional local and long-distance services are relegated to secondary roles within discounted bundles. Incumbents have acce...

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• 8. Loan Administration, Cheque Cashing & Other Services in Canada

  2026 Revenue Growth: -3.0%

  Loan administration and cheque cashing services endured considerable volatility amid economic instability via inflationary pressures and the constraining effects of elevated interest rates on Canadian businesses and consumers alike. Sharp economic volatility in 2020 forced consumers and businesses to shift their borrowing preferences away from traditional banking clients. Broader growth in core loan vehicles, such as auto loans and mortgages, in 2023 and 2024 provided a critical recovery for ...

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• 9. Cigarette & Tobacco Manufacturing in Canada

  2026 Revenue Growth: -2.4%

  Canada’s cigarette and tobacco manufacturing industry heads into 2026 smaller, more tightly regulated and more fragmented than it was five years ago, but still central to the country’s nicotine economy. Since 2021, steady declines in adult smoking rates and shrinking factory throughput have eroded the traditional volume base that once underwrote the sector’s economics, even as producers have leaned harder on pricing and mix to offset weaker demand. At the same time, a dense web of packaging r...

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• 10. Geophysical Services in Canada

  2026 Revenue Growth: -2.3%

  The Geophysical Service industry in Canada's dependence on commodity prices has produced volatility as resource exploration has waxed and waned. Contracting new geophysical surveys depends heavily on the oil, natural gas and mining sectors, which are sensitive to commodity price fluctuations. In 2020, the pandemic caused a sharp drop in global energy prices, reducing demand for geophysical services. The industry rebounded from 2021 through 2023 as oil prices rose, but revenue has dipped since...

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