The Gross Value Added (GVA) in the Advertising and Market Research sector in Canada has demonstrated steady growth from 2013 to 2023, starting at 4.36 billion CAD and reaching 6.83 billion CAD in 2023. From 2013 to 2023, the sector experienced an average year-on-year growth ranging from 2.74% to 8.68%, with notable fluctuations such as a downturn of -14.26% in 2020, likely due to the pandemic, followed by a recovery in 2021 with a 12.32% growth rate. The Compound Annual Growth Rate (CAGR) over the last 5 years stood at 2.73%.
Looking forward, forecasts indicate a continued upward trend, with the GVA expected to rise to 7.92 billion CAD by 2028. The forecasted 5-year CAGR is 2.34%, accompanied by an overall growth rate of 12.28% from 2024 to 2028.
Future trends to watch for include the increasing integration of digital and data-driven marketing strategies, growth in AI and automation technologies, and a potential boost from new privacy regulations impacting the industry landscape and operational models.
