ABSTRACT
The forest industry is gaining an increasing importance worldwide owing to its significant contributions to our society by creating jobs, creating economic value, improving our environment, generating renewable energy with remarkable potential for substituting fossil fuels and chemicals, and mitigating climate change. With the third-largest forest area in the world and its abundant forest resources, Canada has an important role to play in both the national and international landscapes to transform the forest industry for greater value creation. This is particularly meaningful to forest-dependent communities and First Nations in Canada as it supports more than 200 communities, creates approximately 235,000 direct jobs, and accounts for 2% gross domestic product (GDP) nationwide (Lindsay, 2014). Nevertheless, the Canadian forest industry is facing great challenges. Markets for traditional forest commodities, such as commercial printing papers, lumber, and wood products, are becoming increasingly competitive because of market globalization, volatile commodity prices, shrinking demand, and increased raw material and energy costs. Meanwhile, the emerging modern bioeconomy is characterized by rapid advancement in biotechnologies, commercialization, and the expanding market for value-added bioproducts, bioenergy, and biofuels. This business environment has forced Canadian forest companies to reevaluate their business strategies, develop new business models, and seek new opportunities for business transformation.
