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In light ofÌýthe new year, Â鶹Éç has identifiedÌýfiveÌýCanadian industries that areÌýpoisedÌýforÌýsignificantÌýgrowth in 2020.ÌýThe following industries are representative of Canada's diverse economy and are thus subject to a variety of externalÌýfactors that affect their performance. However, the common denominator among these industries is their outsized potential to capitalize on emerging economic trends and changing consumer preferences.ÌýCheck out Â鶹Éç’s analysis below regarding which domestic industries are most likely toÌýstart to the decadeÌýexceptionally well.Ìý

Cannabis Production in CanadaÌý

The Cannabis Production industry in CanadaÌýhas remainedÌýthe country’s fastest-growing industry sinceÌý2018’sÌýfederalÌýmarijuanaÌýlegalization, so its top slot on this list doesn’t exactly come as a surprise. However,ÌýindustryÌýgrowth is projected to decelerate compared withÌýits performanceÌýin recent yearsÌýdue to rising competition among industry operators. Furthermore, the industry’s regulatory environment is now stabilizing as the fledgingÌýindustry begins to findÌýmoreÌýsolid footing within the broader landscape of the CanadianÌýagriculturalÌýsector.

To this end, marijuana growers are optimizing their operations and improving efficiency,ÌýultimatelyÌýdriving down the cost of production per gram of marijuana product. This will likely place downward pressure on revenue fromÌýaÌýpricingÌýstandpointÌýasÌýtime goes on. Nevertheless, revenue for theÌýCannabis Production industry is projected to increase 15.8% in 2020, cementing its position as theÌýfastest-growingÌýindustryÌýin Canada.Ìý

Electric Power Transmission in CanadaÌý

The Electric Power Transmission industry in CanadaÌýis expected to surge in 2020, growing an anticipated 8.6%.ÌýThis comes on the heels of a projected 0.4% decline as of year-end 2019,Ìýbrightening the industry’s performanceÌýmoving forward.ÌýThe industry is likely to perform well over 2020 chiefly asÌýaÌýresult of an increase in electric power consumption.ÌýÂ鶹Éç anticipates electric power consumption in Canada to increase 1.6% in 2020.Ìý

Moreover,Ìýimproved industrial performance,Ìýan improving business climateÌýandÌýcontinued population growthÌýhaveÌýsupported industry expansion, and are expected to continue to do so. InÌýparticular, the Canadian populationÌýis projected to grow an annualizedÌý0.9% over the five years to 2025, providing the industry with a larger base of downstream consumers which willÌýinevitablyÌýrequire theÌýservices of industry operators. The Electric Power Transmission industry, which transmits and distributes electricity to residential, commercial and industrial consumers, will thereforeÌýcapitalize on this opportunity,ÌýsolidifyingÌýits position as the runner-up on this list.Ìý

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Corn Farming in CanadaÌý

The Corn Farming industry in CanadaÌýisÌýexpected toÌýexperience an 8.4% increase in revenue over 2020.ÌýInÌýtheÌýcoming years,ÌýCanadianÌýcornÌýfarmersÌýare expected to increaseÌýoutputÌýdue toÌýstrong corn prices.ÌýGlobal demand forÌýcornÌýfeed is expected to increase in tandem with rising demand forÌýmeat products, augmenting the industry’s projected growth and simultaneously underscoringÌýaÌýforecast resurgenceÌýinÌýexports. Over the next five years, industry exportsÌýare anticipated to increase as a share of revenue due to newly established European markets, affording operatorsÌýplenty of opportunities to perform well throughout theÌýyear.Ìý

Gold and Silver Ore Mining in CanadaÌý

Revenue for the Gold and Silver Ore Mining industry in CanadaÌýis estimated to increase 7.8% in 2020Ìýdue to increasing gold prices.ÌýIn 2019,Ìýthe world price of gold rose 8.3%, andÌýoverÌý2020 the price of gold is forecast to riseÌýanotherÌý3.1%.ÌýRising gold pricesÌýwillÌýremain the primary driver of industryÌýperformanceÌýgoing into theÌýnewÌýyear.ÌýAnÌýanticipated increase in the price of gold willÌýalsoÌýlikely facilitate theÌýexpansionÌýof newÌýand existingÌýmines forÌýdomestic gold and silver ore mining andÌýproduction, with silver comprising a less-significant share of the industry’s production activitiesÌý(2.3% of the industry’s product segmentation,Ìýcompared with gold’s 97.7%).ÌýÌý

E-Commerce and Online Auctions in CanadaÌý

The E-Commerce and Online Auctions industry in CanadaÌýis poised for robust growth over the five years to 2020, with industry revenueÌýforecastÌýto increase 7.5% in 2020. Perhaps two of theÌýmost-important downstream demand conditions for this industry are the number of fixed broadband connectionsÌýin CanadaÌýand the number of mobileÌýinternet connectionsÌýin Canada, which areÌýforecast to riseÌýatÌýannualizedÌýratesÌýofÌý1.7% andÌý3.5%, respectively,Ìýover theÌýfive yearsÌýto 2025.Ìý

WithÌýincreased connectivity due toÌýinternet-enabled smartphone devices, more Canadian consumers are expected to buy items onlineÌýmoving forward. This trend has establishedÌýe-commerceÌýas aÌýcommonly accepted platform through which retail salesÌýareÌýconducted. Furthermore,ÌýCanadians’Ìýper capita disposable income is expected to rise 1.0% in 2020.ÌýRising incomes are expected toÌýencourageÌýfurtherÌýconsumption, adding to the industry’s potential for future growth,Ìýrounding out Â鶹Éç’sÌýanticipatedÌýtop industry performersÌýof 2020.Ìý