The demand for pelagic fish in Canada has shown significant fluctuations over the years, with a peak in 2016 at 525.01 thousand metric tons, followed by a notable decline. In 2023, the demand stood at 258.32 thousand metric tons, reflecting a 4.71% year-on-year decrease. Over the last five years (2018-2023), the demand has decreased at a compound annual growth rate (CAGR) of -3.55%. The forecasted decline is expected to continue, with a forecasted CAGR of -4.75% from 2024-2028, reaching an estimated 190.7 thousand metric tons by 2028. This trend suggests a long-term reduction in demand.
Future trends to watch for include factors such as changes in consumer preferences, potential impacts of climate change on fish populations, and regulatory shifts in fishing quotas. Market dynamics, such as advancements in aquaculture technology and their effect on pelagic fish supply and pricing, will also be crucial to monitor.
