Fastest Growing Industries in Canada by Revenue Growth (%) in 2024

1. Travel Agencies in Canada

2024-2025 Revenue Growth: 15.4%

Travel agencies have struggled due to COVID-19, and the rise of internet travel booking has interfered with the core services of travel agencies. Online travel agents now play a larger role alongside traditional brick-and-mortar businesses. Most agencies suffered in 2020 as governments imposed restrictions on travel, leading revenue to fall at a CAGR of 7.7% to $1.9 billion through the end of 2023, including a 11.5% increase in 2023 alone.

This has led to an unprecedented level of cancellations. Despite the economy showing signs of recovery in 2021, the overall travelling industry continued to endure difficulties. While many countries continued vaccinating... Learn More

2. Campgrounds & Recreational Vehicle Parks in Canada

2024-2025 Revenue Growth: 14.4%

Over the past five years, Canadian campgrounds and recreational vehicle (RV) parks have experienced modest growth. Operators primarily run RV parks and campgrounds that accommodate campers and provide amenities for a fee, so campgrounds and RV parks largely depend on travel-related trends to drive revenue growth. These trends include RV sales, disposable income and demographic shifts. In recent years, consumer conditions improved to the benefit of the industry. Rising levels of disposable income enabled many individuals to invest in nonessential purchases, including RVs and extended camping vacations. However, COVID-19 severely affected international and domestic travel and put a significant financial... Learn More

3. Tour Operators in Canada

2024-2025 Revenue Growth: 14.1%

Canadian tour operators have been extremely volatile in recent years. With the domestic economy's expansions prior to the COVID-19 pandemic, international trips taken by Canadians increased. Greater international exposure for the Canadian tourism industry, coupled with overall global economic growth, motivated more foreigners to visit and book tours in Canada, leading to increased inbound international travel. The COVID-19 pandemic shocked the global tourism sector, with countries closing borders, government authorities keeping only essential businesses open and strict travel restrictions being put in place. Many travellers cancelled their trips while people that were planning trips ended up delaying them indefinitely, decimating... Learn More

4. Scheduled Air Transportation in Canada

2024-2025 Revenue Growth: 10.9%

Canadian airlines performed well prior to the COVID-19 pandemic as rising levels of disposable income enabled more consumers to purchase airline tickets, while a relatively weak Canadian dollar has encouraged inbound travel from foreign consumers visiting Canada. The pandemic caused many airlines to suspend international service, while governments imposed social distancing guidelines to prevent the spread of coronavirus, severely constraining industry revenue in 2020 and 2021, which went below one-third of 2019 levels. Airlines have bounced back strongly from the pandemic as a vaccine enabled the travel to begin to normalize, a process that will continue in the coming years.... Learn More

5. Natural Gas Distribution in Canada

2024-2025 Revenue Growth: 10.7%

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

6. Car Wash & Auto Detailing in Canada

2024-2025 Revenue Growth: 10.5%

An expanding economy has moderated revenue declines in the car wash industry over the five years to 2023. Businesses have benefited from higher disposable income and increased vehicle registration, which has supported demand for industry services. However, the COVID-19 (coronavirus) pandemic led to a considerable drop in industry performance in 2020 as less travel translated to lower need for industry-relevant services. Recovery following these disruptions has been bogged down by rising consumer prices, which has decreased inflation-adjusted industry revenue. Car wash and auto detailing revenue has been decreasing at a CAGR of 2.1% over the past five years, and is... Learn More

7. Fast Food Restaurants in Canada

2024-2025 Revenue Growth: 9.8%

The Fast Food Restaurants industry in Canada has expanded over the past five years, driven by higher consumer spending and product innovation. However, mounting internal competition and changing consumer tastes have pressured revenue growth during the same period. Products with higher profit, such as coffee and smoothies, have become more prominent at traditional fast-food restaurants. Furthermore, meal customization and high-quality ingredients have become increasingly popular in recent years, inducing major players in the industry to reconsider their overall strategy and menu offerings. Altogether, industry revenue is expected to rise at an annualized rate of 1.5% to $34.8 billion over the... Learn More

8. E-Commerce & Online Auctions in Canada

2024-2025 Revenue Growth: 9.4%

The E-Commerce and Online Auctions industry in Canada comprises retailers that primarily sell their products online. Accelerated by the rising number of internet and mobile connections, industry revenue is expected to post strong gains, increasing at an expected CAGR of 17.6% to $31.7 billion over the past five years, including an expected increase of 7.7% in 2023 alone. The exceptional rate of growth in this industry is aided in part by increasing internet traffic volume like the number of fixed broadband and mobile connections. Additionally, the coronavirus created a unique opportunity for the industry to benefit from consumers not being... Learn More

9. Lingerie, Swimwear & Bridal Stores in Canada

2024-2025 Revenue Growth: 9.2%

The Lingerie, Swimwear and Bridal Stores industry has performed well in recent years thanks to improved consumer spending. Growth has been underpinned by strong economic gains, changing fashion trends and the expansion of internationally based stores into the Canadian market. In 2020, revenue fell considerably as the spread of COVID-19 caused the cancellation of most events and trips. Industry revenue is expected to grow at a CAGR of 1.7% to $5.2 billion over the five yearw to 2023, including 1.3% growth in 2023 alone, when profit is set to account for 13.6% of revenue.

Growth has been pressured by an increase... Learn More

10. Market Research in Canada

2024-2025 Revenue Growth: 9.2%

Market research operators in Canada endured wild swings in revenue growth due to a sharp incline in economic volatility and dampened demand for market research services. Between 2018 and 2019, operators endured a decline amid mixed economic conditions and a changing media landscape. In 2020, COVID-19 presented an additional disruption to demand for operators' services, as uncertainty clouded the outlook. Although the economy reopened, a spike in inflationary pressures severely harmed revenue in 2021 and 2023, as corporate clients endured volatility across their balance sheets, which dampened demand for operators' services. This economic volatility also dampened profit for operators, with... Learn More