As of 2023, Canada’s import of synthetic precious or semi-precious stone worked stood at USD 17.806 million. In 2024, it is forecasted to reach USD 18.689 million, and it is expected to follow an upward trajectory, reaching USD 22.451 million by 2028. The forecast for 2024 represents a year-on-year increase of approximately 4.67% from 2023. The subsequent years reflect a steady growth trend, with percentages as follows:
• 2025: 5.19% increase from 2024
• 2026: 4.84% increase from 2025
• 2027: 4.52% increase from 2026
• 2028: 4.24% increase from 2027
The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is projected at approximately 4.70%.
Future trends to watch for include potential market influences such as technological advancements in synthetic stone production, changes in trade policies, and shifting consumer preferences towards sustainable and cost-effective alternatives. Additionally, monitoring the global economic conditions will be critical to anticipate any impacts on import patterns.
