The Gross Value Added (GVA) of recreational activities in Canada has exhibited a robust growth trajectory from 2013 to 2023, showing consistent year-on-year increases with notable exceptions in 2020 due to the COVID-19 pandemic. Specifically, the GVA stood at 12.31 billion CAD in 2023, with significant year-on-year variations of 16.56% in 2022 and 11.53% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) was 3.99%, indicating healthy expansion in the sector.
Future trends to watch for:
- Emerging technologies and digital platforms enhancing recreational experiences
- Increased consumer spending on leisure activities post-pandemic
- Expansion and diversification in outdoor and fitness-related recreational activities
- Sustainability and eco-friendly practices within the sector
The projected CAGR for the next five years (2024-2028) is 2.96%, with an overall growth rate of 15.72%, indicating continued positive momentum in the sector's gross value addition.