Revenue in this sector has shown steady growth over the years, with a noticeable increase from CAD 15.121 billion in 2013 to a forecasted CAD 24.843 billion in 2028. In 2022, the year-on-year growth was 3.54%, and it slightly dipped to 3.39% in 2023. The recent 5-year CAGR from 2018 to 2023 stands at 3.71%. Future forecasts indicate a slower but positive growth rate with a predicted 5-year CAGR of 2.34% from 2023 to 2028, resulting in an overall growth of 12.25% across this period.
Future trends to watch include the impact of technological advancements, shifts in global trade policies, and sustainability initiatives that could drive innovation and efficiency in the sector.
