Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Most Profitable Industries in Canada in 2024
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View a list of the Top 25 most profitable industriesTotal Profit for 2024: $17.6B
Demographic trends drive the rising demand for comprehensive primary care in Canada. An aging population's expanding medical needs are increasing the demographic's consumption of medical services. Primary care physicians are also first in line to help this demographic navigate complex conditions and visit specialists. Sudden population growth in Canada – an outcome of a surge in immigration and temporary residents – has also expanded the need for primary care physicians. Rising spending on primary care was abruptly disrupted by COVID-19, leading providers to navigate unprecedented financial and operating pressures. Telehealth adoption did help primary care providers continue to meet with... Learn More
Total Profit for 2024: $11.8B
More than ever, Canadian consumers expect to be connected everywhere, all the time, bringing nearly the entire population to subscribe to a mobile service. Wireless telecommunication carriers have capitalized on this accelerating use of data, as they're the bridge connecting users to the critical mobile networks they need. Still, while telecommunication providers were essential for Canadians to remain connected during the pandemic, revenue fell as in-person visits to retail stores plummeted. Wireless carriers have struggled to strengthen revenue since, even as data usage ramps up nationwide following upticks in travel and hybrid work environments. Steep competition between companies and sky-high... Learn More
Total Profit for 2024: $10.6B
The Colleges and Universities industry in Canada has grown over the five years to 2023 despite the declining role of government funding and the spread of COVID-19 in Canada. Throughout the period, tight budgets have constrained federal and provincial funding for postsecondary education, especially amid the COVID-19 pandemic causing certain institutions to implement hiring and salary freezes to reduce expenses. At the same time, total enrolment has grown modestly, with most institutions also raising tuition rates. Colleges and Universities industry revenue has been expanding at a CAGR of 1.9% over the past five years and is expected to total $53.1... Learn More
Total Profit for 2024: $7.9B
The Beer, Wine and Liquor Stores industry in Canada comprises specialty shops specifically licenced to sell alcoholic beverages for off-premise consumption. These stores have remained in high spirits over the five years to 2023, as consumer spending and disposable income strengthened during the current period, which has supported consumers' preference for premium alcohol and facilitated revenue expansion. Overall, Canadian beer, wine and liquor store revenue is forecast to increase an annualized 1.8% to $29.2 billion over the five years to 2023. Revenue is expected to grow 0.5% in 2023 alone because of a boost in per capita alcohol consumption during... Learn More
Total Profit for 2024: $7.2B
Management consulting in Canada is composed of companies that provide consulting services to private businesses and the public sector. These advisory services are tailored to provide strategic, financial, marketing, operational and supply chain management consulting services. Businesses partake in mergers and acquisitions, joint ventures, divestitures and initial public offerings based on their expectations of what the future holds. Although the company provides countercyclical services that support industry revenue during economic downturns, the COVID-19 pandemic hindered industry operations in unprecedented ways in 2020. Revenue is expected to grow at a CAGR of 2.0% to $23.9 billion over the years to 2023,... Learn More
Total Profit for 2024: $7.1B
Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.
Despite operating volatility, Canada... Learn More
Total Profit for 2024: $6.4B
Throughout 2023, renewable power companies have expanded. While the industry has benefited from an improving economy, industrial output has slightly decreased in response to the coronavirus pandemic. This dampened demand from some of the industry's major markets; specifically, commercial and industrial markets, as many industries were forced to shut down to help mitigate the spread of coronavirus. Overall, industry revenue has been growing at a CAGR of 2.2% over the past five years and is estimated to reach $39.5 billion in 2023. This includes a 1.1% rise in 2023 alone, when profit will reach 16.7%. This growth in 2023 can... Learn More
Total Profit for 2024: $5.5B
Heavy engineering construction in Canada undertakes large-scale infrastructure projects that include mass transit systems, harbour and port facilities, tunnels, outdoor areas and power plants. In addition to heavy construction, contractors also provide auxiliary services such as the maintenance and repair of physical structures and construction related to conservation. The industry depends heavily on government spending at both the federal and provincial levels, private investment in physical assets and downstream demand on the part of the energy sector.
Through the end of 2023, construction contractors have benefited from the federal government's strong commitment to closing Canada's infrastructure gap, although volatile commodity markets... Learn More
Total Profit for 2024: $5.4B
The Frozen Food Wholesaling industry in Canada has experienced growth over the past five years, with revenue forecast to rise at a CAGR of 2.0% to $64.4 billion over the five years to 2023, including 3.0% growth in 2023 alone. Despite this growth, revenue declined 2.7% in 2021 as downstream customers stopped stocking frozen food once the pandemic subsided. Specifically, easing social distancing restrictions and buoying vaccine rollouts allow customers to choose fresh food. Over the past five years, the industry has benefited from increased demand for goods, with an improving economy and rising incomes stimulating increased consumer spending during... Learn More
Total Profit for 2024: $5.1B
In the past five years, hospitals in Canada have seen a marginal decline in revenue. However, with robust federal support and a shift in focus, hospitals were able to navigate economic challenges from slumping inpatient admissions. COVID-19 cut surgical admissions, and consumer preference has shifted away from large hospitals. Canadians have more and more looked to specialized facilities for non-urgent treatment, especially for mental health- and substance abuse-related care. Still, initiatives geared at upgrading efficiency have helped hospitals in Canada, over 90.0% of which are nonprofit institutions, report operating surpluses as profit despite this decline. Industry-wide revenue has been slightly... Learn More
Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Fastest Growing Industries in Canada by Revenue Growth (%) in 2024
VIEW ARTICLEBased on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Biggest Industries by Revenue. in Canada in 2024
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