Fishing & Seafood Aquaculture in Canada - Industry Market Research Report

Reel well: Continued growth in exports and the price of seafood is expected to fuel industry revenue growth

Demand for fish and seafood aquaculture products has fallen in recent years. The industry catches and farms fish and shellfish from Canada's oceans, inland waterways and through aquaculture operations. While sea fisheries represent the largest share of revenue, traditional ocean fishing has been losing ground to aquaculture operations. The risks associated with ocean fishing and the depletion of fish stocks have made aquaculture more attractive. This transition has been supported by the Canadian federal government, which has implemented incentive programs to spur investment in aquaculture. While increased government funding provided a boost, demand for seafood has decreased due to economic uncertainty and the growing popularity of plant-based proteins. Revenue is expected to fall at a CAGR of 0.9% to $6.1 billion through the end of 2023, despite growth of 1.6% in 2023 alone when profit will account for 21.5% of revenue. Operators in the Fishing and Seafood Aquaculture industry in Canada produce fish and shellfish, such as molluscs and crustaceans, from sea fisheries, inland fisheries and aquaculture operations, such as fish farms. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.