The seafood product preparation and packaging industry in Canada reached a revenue of 8.3021 billion CAD in 2023. From 2013 to 2023, the industry showed substantial growth with notable fluctuations: a high of 18.91% year-on-year growth in 2015 and a decrease of 16.23% in 2020. The Compound Annual Growth Rate (CAGR) over the last five years was 4.47%, reflecting a steady increase despite the downturn in 2020.
Future trends to watch for:
- Continued growth with a forecasted CAGR of 3.33% from 2024 to 2028.
- A focus on sustainability and environmentally friendly packaging solutions.
- Increasing consumer demand for ready-to-eat seafood products.
- Technological advancements in processing and packaging methods.