Forecast: Value Added of Textile Product Mills in Canada

The value added of textile product mills in Canada saw fluctuations over the past decade. Between 2013 and 2016, the sector experienced a decline, culminating in a significant drop of 12.79% in 2016. A notable recovery began in 2017 with a robust growth of 19.7%. From 2018 to 2023, the market stabilized with moderate changes, achieving a value of $774.97 million CAD in 2023. Over the last five years, there was a slight average decline with a CAGR of -0.39% up to 2023.

Looking ahead, forecasts suggest steady growth for the next five years. A forecasted CAGR of 0.47% illustrates a slow but positive trajectory, with the market expected to reach $798.29 million CAD by 2028. This reflects a 2.38% growth rate overall, indicating a gradual yet sustainable increase.

Future trends to watch for include advancements in sustainable and eco-friendly textile production, increasing automation and digitalization within mills, and the potential impacts of international trade agreements or disruptions on Canada's textile industry.