The value added of advertising and market research in Canada exhibited consistent growth from 2013 to 2019, peaking at CAD 6.22 billion. A significant decline occurred in 2020, likely due to the COVID-19 pandemic, with a year-on-year drop of 15.4%. Recovery followed in 2021, marking a 23.48% increase, and by 2023, the value stood at CAD 6.8 billion. The compound annual growth rate (CAGR) from 2019 to 2023 was 2.64%. Forecasts indicate continued growth, with a projected CAGR of 1.73% from 2024 to 2028, ultimately reaching CAD 7.59 billion by 2028.
Future trends to watch for include the increasing use of artificial intelligence and data analytics in market research, the rise of digital and programmatic advertising, and a shift towards more personalized consumer targeting. Additionally, sustainability and ethical considerations in advertising practices are expected to become significant in the coming years.
