The Canadian wood product manufacturing sector experienced substantial growth from 2013 to 2018, with a notable peak in 2017 when the industry witnessed an 11.35% increase. However, 2019 saw a significant decline of 11.41%, followed by a recovery in 2020 with a 13.96% year-on-year growth. The last two years have shown modest growth, with increases of 2.65% in 2022 and 2.56% in 2023, placing 2023 revenues at 40.264 billion CAD. The five-year CAGR from 2018 to 2023 stands at 1.56%, indicating a slowing growth trend.

Looking ahead, the forecast predicts a steady but moderate increase in revenues, with a five-year CAGR from 2023 to 2028 projected at 1.81%, leading to a total forecasted growth rate of 9.4% over this period.

Future trends to watch for:

Sustainability initiatives and their impact on wood product demand.
The influence of housing market fluctuations on wood product sales.
Technological advancements in wood processing and manufacturing.
Potential regulatory changes affecting the forestry and wood manufacturing sectors.