The sector experienced a significant dip in 2020 with a -31.66% decline due to the COVID-19 pandemic. However, it rebounded strongly with a 29.95% increase in 2021 and a 17.48% rise in 2022. Forecasts indicate continued growth, with a projected 12.32% increase in 2023 and a 3.4% CAGR over the next five years, reaching CAD 9.5 billion by 2028.
Future trends suggest a stable growth trajectory driven by increased consumer spending in recreation and sports. Innovations like augmented reality (AR) experiences and sustainable practices in recreation are likely to further boost the sector's value.