Delivered April 21, 2020. Contributor: Gbolahan G.
To determine the current market size and growth for the influencer marketing industry in Canada.
The global influencer marking sector was valued at $5.5 billion in 2019 and projected to reach $22.3 billion by 2024.
The global influencer marketing industry is also projected to grow at a CAGR of 32.4 percent between 2019 and 2024.
According to HypeBeast, about 35 percent of Canadians between the ages of 18 and 35 have purchased an item because of an influencer’s endorsement.
The North American region emerged as the largest regional market for influencer marketing in 2018, with the US market generating a total of $1.01 billion in influencer marketing revenue in 2016.
The North American region is also poised for further growth over the next few years as influencer marketing companies in Canada are yet to explore influencer marketing to its full potential as compared to the U.S.
Overall, advertisers in Canada spent a total of $6.79 billion on digital ad formats in 2019. This includes mobile ad spend, video ad spend, and other categories such as influencer marketing.
Globally, Instagram is the preferred platform for influencer marketing. About four in five (79%) brands use Instagram for influencer campaigns, compared with Facebook (46%), YouTube (36%), Twitter (24%), and LinkedIn (12%).
Only the project owner can select the next research path.