The travel agency industry in Canada has shown significant fluctuations over the years. From 2013 to 2019, there was a general trend of growth, peaking in 2019 with a 10.32% year-on-year increase to 2.23 Billion CAD. However, the COVID-19 pandemic brought a stark decline in 2020 and 2021 with drops of 28.8% and 28.34%, respectively. The industry began to rebound in 2022 with an 86.64% rise and continued to grow by 8.74% in 2023. As of 2023, the value stood at 2.31 Billion CAD.

Looking forward, the forecasted data indicates a continued growth trajectory from 2024 to 2028, with an average annual growth rate (CAGR) of 1.71%. By 2028, the value is expected to reach 2.58 Billion CAD, representing an 8.86% total growth from 2023. Key variations to note are the steady increases of approximately 2% per year on average in this period.

Future trends to watch for:

Technological advancements and their integration into travel services.
Changing consumer preferences towards sustainable and eco-friendly travel options.
Potential new disruptions, such as economic downturns or global health concerns.