The value added of fabric mills in Canada exhibited a clear upward trend from 2013 to 2023, with notable fluctuations.
The value added increased from CAD 433.47 million in 2013 to CAD 580.59 million in 2023, a 33.94% rise over the decade. The data reveals significant year-on-year growth from 2013 through 2015, followed by a period of modest gains and occasional declines. Despite a dip in 2017 and 2019, the industry showed resilience with a consistent upward trajectory from 2020 onwards, culminating in a 1.86% increase in 2023.
Key variations included:
- 2014: +12.46%
- 2015: +11.19%
- 2016: +1.59%
- 2017: -4.34%
- 2018: +0.58% (4.1% CAGR)
- 2019: -1.5% (1.37% CAGR)
- 2020: +5.11% (0.24% CAGR)
- 2021: +1.95% (0.31% CAGR)
- 2022: +1.92% (1.59% CAGR)
- 2023: +1.86% (1.85% CAGR)
Future trends to watch for include increasing demand for sustainable fabrics, advancements in textile technology, and potential shifts in trade policies that could impact the fabric mills industry’s growth trajectory, forecasted at a 1.35% CAGR from 2024 to 2028.
