Forecast: Production of Textiles, Wearing Apparel, Leather Products in Canada

From 2013 to 2023, the production of textiles, wearing apparel, and leather products in Canada has shown a fluctuating trend with periods of growth and decline. Notable increases were observed in 2014 and 2015, while the most significant drop occurred in 2020, likely owing to the COVID-19 pandemic, with a 19.71% year-on-year decrease. The market briefly rebounded in 2021 with a substantial 18% rise, but recent years have shown a gradual decline. As of 2023, the production stands at 6.27 Billion Canadian Dollars, reflecting a -2.06% year-on-year change for both 2022 and 2023.

Forecasts for the next five years predict a continued gradual decline, with the production value expected to decrease to 5.58 Billion Canadian Dollars by 2028. The Compound Annual Growth Rate (CAGR) for this forecasted period is -1.85%, indicating an overall negative growth trajectory of -8.9%.

Future trends to watch for include technological advancements in textile production, shifts in consumer preferences towards sustainable and eco-friendly products, and potential impacts from international trade policies. These factors could significantly influence the production dynamics in the coming years.