The value added of pulp, paper, and paperboard mills in Canada experienced significant fluctuations from 2013 to 2023. In 2023, the sector stood at 8.70 billion Canadian dollars, reflecting a consistent upward trend in recent years with an 8.72% year-on-year increase. The compound annual growth rate (CAGR) over the last five years was 1.3%, indicating moderate growth. Despite some declines, such as the 14.25% drop in 2019 and the 20.18% drop in 2020, the sector rebounded with a strong 28.37% increase in 2021 and an 11.65% increase in 2022.
Looking ahead, the forecast for the next five years predicts a steady growth rate of 2.86% CAGR, expected to drive the industry's value to 10.428 billion Canadian dollars by 2028, translating to a 15.12% growth over this period. This indicates a positive outlook for the industry, anticipating steady performance improvements.
Future trends to watch for in this sector include advancements in sustainable practices, increased demand for biodegradable packaging, and potential impacts from global trade policies. There is also a continuous shift towards digital media, which may influence paper demand dynamics. Keeping an eye on these factors will be crucial for stakeholders to navigate and leverage opportunities in a transforming market landscape.
