From 2013 to 2023, the value added of advertising and market research in Canada saw notable growth, rising from 4.36 billion CAD to 6.95 billion CAD. The average annual growth rate for these industries was relatively steady, although there were some fluctuations. Notably, there was a significant dip in 2020 with a 14.26% year-on-year decline due to pandemic impacts, followed by a rebound in 2021 with a 13.29% increase. From 2022 to 2023, the sector experienced a 6.9% annual growth, demonstrating a strong recovery trend.
In 2023, the value stood at 6.95 billion CAD. Looking ahead, the forecasted data suggest continued growth with the value reaching 8.2 billion CAD by 2028. The five-year CAGR from 2024 to 2028 is projected at 2.62%, with an overall growth rate of 13.8%.
Future trends to watch for include evolving digital marketing technologies, increased demand for data-driven insights, and the emergence of new advertising platforms. Sustainable marketing practices and regulatory changes could also significantly impact the industry landscape.
