In 2023, the value added of textiles, wearing apparel, and leather products in Canada stood at 2.40 billion Canadian Dollars. According to the forecasted data, the value is expected to decrease steadily from 2.34 billion CAD in 2024 to 2.1 billion CAD in 2028. This indicates a year-on-year decrease of approximately 2.56% from 2024 to 2025, 2.63% from 2025 to 2026, 2.70% from 2026 to 2027, and 2.78% from 2027 to 2028.

The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is estimated to be around -2.57%, suggesting a consistent contraction in the industry's value.

Future trends to watch for:

Impact of technological innovation and automation on production efficiency.
Consumer shifts towards sustainable and ethically produced goods.
Potential trade agreements or tariffs affecting import-export dynamics.
Influence of global economic conditions on demand for Canadian textiles and apparel.