Forecast: Value Added of Agricultural Implement Manufacturing in Canada

The value added of agricultural implement manufacturing in Canada saw varying trends over the past decade. Notably, the industry reached its peak in 2018 with a value of CAD 2.01 billion, representing a significant year-on-year growth of 16.64%. However, a sharp decline followed in 2019, with a drop of 28.22% to CAD 1.4428 billion. The value stood at CAD 1.5145 billion in 2023, reflecting a continued decline from the previous year. The 5-year CAGR from 2018 to 2023 was -5.5%, indicating a consistent downward trajectory.

Forecasted data suggests further declines, with the industry expected to decrease at a 5-year CAGR of -2.27%, arriving at CAD 1.3121 billion by 2028, equating to an overall decrease of 10.86% from 2023.

Future trends to watch for:

• Advancements in agricultural technology and automation
• Impact of environmental regulations and sustainability initiatives
• Global supply chain disruptions and their effects on manufacturing
• Emerging markets and demand shifts in the agricultural sector