The crustaceans market size in Canada has observed notable fluctuations over the past decade, with a peak in 2014 at 185.98 thousand metric tons and a steady decline thereafter, culminating in a value of 150.98 thousand metric tons in 2023. The market experienced significant year-on-year declines in 2015 and 2016, slight recovery in 2017 and stability through 2018, but overall, the period shows a downward trend with a 2023 year-on-year variation of -1.11% and a five-year CAGR of -1.33%.
From 2024 to 2028, the forecast suggests a continued gradual decline, with a projected five-year CAGR of -0.95% and an anticipated overall drop of 4.67% by 2028. This implies that the market will continue to contract, albeit at a slower rate compared to recent years.
Future trends to watch for include:
- Environmental changes impacting crustacean populations and habitat
- Shifts in consumer preferences towards sustainable seafood
- Regulatory changes and their impact on the fishing industry
- Technological advancements in aquaculture affecting domestic production levels
- Economic factors influencing market demand and purchasing power
