Fastest Growing Industries in Canada by Revenue Growth (%) in 2024

1. Travel Agencies in Canada

2024-2025 Revenue Growth: 15.4%

Travel agencies have struggled due to COVID-19, and the rise of internet travel booking has interfered with the core services of travel agencies. Online travel agents now play a larger role alongside traditional brick-and-mortar businesses. Most agencies suffered in 2020 as governments imposed restrictions on travel, leading revenue to fall at a CAGR of 7.7% to $1.9 billion through the end of 2023, including a 11.5% increase in 2023 alone.

This has led to an unprecedented level of cancellations. Despite the economy showing signs of recovery in 2021, the overall travelling industry continued to endure difficulties. While many countries continued vaccinating... Learn More

2. Tour Operators in Canada

2024-2025 Revenue Growth: 12.5%

Canadian tour operators have been extremely volatile in recent years. With the domestic economy's expansions prior to the COVID-19 pandemic, international trips taken by Canadians increased. Greater international exposure for the Canadian tourism industry, coupled with overall global economic growth, motivated more foreigners to visit and book tours in Canada, leading to increased inbound international travel. The COVID-19 pandemic shocked the global tourism sector, with countries closing borders, government authorities keeping only essential businesses open and strict travel restrictions being put in place. Many travellers cancelled their trips while people that were planning trips ended up delaying them indefinitely, decimating... Learn More

3. Scheduled Air Transportation in Canada

2024-2025 Revenue Growth: 10.9%

Canadian airlines performed well prior to the COVID-19 pandemic as rising levels of disposable income enabled more consumers to purchase airline tickets, while a relatively weak Canadian dollar has encouraged inbound travel from foreign consumers visiting Canada. The pandemic caused many airlines to suspend international service, while governments imposed social distancing guidelines to prevent the spread of coronavirus, severely constraining industry revenue in 2020 and 2021, which went below one-third of 2019 levels. Airlines have bounced back strongly from the pandemic as a vaccine enabled the travel to begin to normalize, a process that will continue in the coming years.... Learn More

4. Car Wash & Auto Detailing in Canada

2024-2025 Revenue Growth: 10.5%

An expanding economy has moderated revenue declines in the car wash industry over the five years to 2023. Businesses have benefited from higher disposable income and increased vehicle registration, which has supported demand for industry services. However, the COVID-19 (coronavirus) pandemic led to a considerable drop in industry performance in 2020 as less travel translated to lower need for industry-relevant services. Recovery following these disruptions has been bogged down by rising consumer prices, which has decreased inflation-adjusted industry revenue. Car wash and auto detailing revenue has been decreasing at a CAGR of 2.1% over the past five years, and is... Learn More

5. Gym, Health & Fitness Clubs in Canada

2024-2025 Revenue Growth: 9.9%

Revenue for gyms and fitness clubs has grown in recent years as a result of consumer trends and the proliferation of public health campaigns. With an increasing rate of adult obesity, the Public Health Agency of Canada (PHAC) has stressed adherence to fitness and healthy lifestyle choices. According to the PHAC and the Canadian Institute for Health Information, obesity is expected to incur more than $5.0 billion in costs each year, which must be covered by the healthcare system. In response, many health insurance companies have incentivized fitness by subsidizing health club memberships. Businesses also incentivize health and wellness in... Learn More

6. Fast Food Restaurants in Canada

2024-2025 Revenue Growth: 9.8%

The Fast Food Restaurants industry in Canada has expanded over the past five years, driven by higher consumer spending and product innovation. However, mounting internal competition and changing consumer tastes have pressured revenue growth during the same period. Products with higher profit, such as coffee and smoothies, have become more prominent at traditional fast-food restaurants. Furthermore, meal customization and high-quality ingredients have become increasingly popular in recent years, inducing major players in the industry to reconsider their overall strategy and menu offerings. Altogether, industry revenue is expected to rise at an annualized rate of 1.5% to $34.8 billion over the... Learn More

7. E-Commerce & Online Auctions in Canada

2024-2025 Revenue Growth: 9.4%

The E-Commerce and Online Auctions industry in Canada comprises retailers that primarily sell their products online. Accelerated by the rising number of internet and mobile connections, industry revenue is expected to post strong gains, increasing at an expected CAGR of 17.6% to $31.7 billion over the past five years, including an expected increase of 7.7% in 2023 alone. The exceptional rate of growth in this industry is aided in part by increasing internet traffic volume like the number of fixed broadband and mobile connections. Additionally, the coronavirus created a unique opportunity for the industry to benefit from consumers not being... Learn More

8. Market Research in Canada

2024-2025 Revenue Growth: 9.2%

Market research operators in Canada endured wild swings in revenue growth due to a sharp incline in economic volatility and dampened demand for market research services. Between 2018 and 2019, operators endured a decline amid mixed economic conditions and a changing media landscape. In 2020, COVID-19 presented an additional disruption to demand for operators' services, as uncertainty clouded the outlook. Although the economy reopened, a spike in inflationary pressures severely harmed revenue in 2021 and 2023, as corporate clients endured volatility across their balance sheets, which dampened demand for operators' services. This economic volatility also dampened profit for operators, with... Learn More

9. Boat Building in Canada

2024-2025 Revenue Growth: 8.8%

The Boat Building industry in Canada has exhibited a moderate level of revenue volatility over the past five years. As the Canadian dollar weakened, the industry grew as improving economic conditions domestically and in the United States raised demand for industry vessels. The pandemic fostered strong boat sales as rising household incomes and wealth in addition to affordable borrowing conditions, drove demand for industry output. Recreational boating activity also rose in popularity, benefiting operators. Over the past five years, revenue has been growing at a CAGR of 5.5% and is expected to reach $762.5 million in 2023. This includes an... Learn More

10. Optometrists in Canada

2024-2025 Revenue Growth: 8.7%

Despite experiencing intensifying competition from online ophthalmological goods retailers, Canadian optometrists have grown in recent years. Demand has been driven by a burgeoning elderly population and increased awareness of the importance of eye health. Increased advertising has benefited optometry practices as several provincial organizations implemented advertising campaigns to raise public awareness of the potential hazards of purchasing online eyewear products. One potential hazard is the product's incorrect prescription, which could negatively affect eyesight.

In addition to a changing competitive landscape, optometrists have had to adapt to a new regulatory environment. For example, in British Columbia, the deregulation of prescription eyewear permitted... Learn More