Are you in the investment game, or perhaps you just enjoy watching how markets change? Then keep an eye on Canada’s fastest-growing industries, which include e-commerce, online gambling, technology, cannabis, and precious metal mining. Read on to learn what you should expect and pay attention to from these markets in 2023 and beyond—new year, new you, new money!
E-Commerce
According to the International Trade Administration, electronic commerce across Canada blew up last year, and the trend isn’t expected to stop. After all, who doesn’t love to shop from the comfort of their home? Not only is it easy, but the breadth of available products all in one place outdoes even the best department store.
In 2022, 27 million Canadians (approximately 75% of the country’s population) engaged in e-commerce. By 2025, 77.6% of the population is expected to do so. Shop ‘til you drop (from the couch) or think about putting some dough into a digital platform.
Apparel, electronics, books, beauty products, and more are all items that Canadians crave, and internet sales of consumer goods have significantly outpaced traditional retail sales. With the popularity of online shopping, this ubiquitous market is sure to stick around.
Online Gambling
Recent legislation allowing online gambling in many provinces has ushered in an exciting era for those who love to game. Canada boasts over 19 million active online gamblers, ranking it the eighth country in terms of spending the most on online gambling.
In 2021, Canada’s gambling industry earned $2.64 billion in revenue, almost half of which came from online gambling. And since several provinces began fully legalizing online gambling in May 2022, the online gambling industry has increased and created an even better market. Online casinos are accessible and convenient—you can even play from your smartphone—which is why they became so popular during the pandemic.
Not only that—they also offer everything that brick-and-mortar casinos offer, from table games and live video casinos to online slots with huge progressive jackpots and bonuses, loyalty programs, and much more.
Cannabis
Legal weed meant a boon for Canada’s cannabis industry. As the second country to regulate the production and distribution of marijuana, Canada lit a fire for recreational and medicinal users.
According to recent data, Canada’s cannabis market is projected to grow at an annual rate of 10% over the next five years to $8.8 billion, driven by increased sales of edibles and vape products.
Backed by strong past years, the marijuana industry still has untapped potential to grow, especially with increased access to retail operations. Edibles, drinks, and dried flower products all do well, and potential upcoming regulatory changes regarding potency limits will only bolster that growth.
Another factor to watch is the popularity of premium products, so keep an eye on the craft segment of the cannabis world. Ease of access, transparent growing practices, and standardized rules surrounding commercial marijuana have made it a highly desirable and quickly expanding market.
Technology
Technology is all around us, so it’s no wonder the demand for techie talent is high. But in this case, we’re talking about techie talent. Entrepreneurs and start-ups are thriving more than ever and need people to make the wheels turn.
Business Development Canada reports that the tech sector is expected to grow by 22.4% between 2021 and 2024. Just last year, tech expanded by 5.3%. By the end of 2025, employment in the digital economy will reach 2.26 million, roughly 11% of all jobs in Canada.
The same study also states that over half of tech entrepreneurs are in dire need of employees—meaning the demand is very much there for more tech workers. There’s even a professionally implemented set of recommendations for attracting and retaining talent put forth by the Council of Canadian Innovators. A High-Potential Tech Visa to give the most in-demand professionals a path to the country without a job offer is one way Canada can increase the workforce.
Currently, the Start-Up Visa has attracted some of the globe’s brightest minds to the country. This growing sector is directly linked to e-commerce, so if you’re interested in one topic, best to keep an ear to the ground about the other.
Precious Metal Mining
As a recognized leader in mining, Canada has resources galore. With gold and silver ore as its primary goods, the industry has been performing well over the last five years. And since they are an international commodity, precious metals won’t go out of fashion anytime soon.
The country’s minerals sector is a mainstay of the economy that supports jobs and economic activity in every province and territory. In addition to all the shiny things people crave, Canada produces minerals critical for powering the clean energy transition, furthering the global demand for mining-related products.
Copper, nickel, cobalt, lithium, graphite, and vanadium are essential to clean energy, and Canada’s got them! Make this market work for you by also considering the products mining contributes to. Zero-emission vehicles, lithium-ion batteries, wind turbines, semiconductors, hydrogen fuel cells, and communication technologies are all dependent on said metals.
Research from KPMG projects a massive global growth for metals needed for batteries. By 2028, nickel is predicted to grow by 1,237%, cobalt by 256%, lithium by 575%, and graphite by 530%
Experts predict North American mining operations to expand at the second-fastest compound annual growth rate. Advanced green technologies and relatively low intensity of greenhouse gas emissions also make Canadian mines an environmentally friendly investment.