Based on the data provided, the estimated number of self-employed people in the seafood sector in Canada, expressed in million hours worked, is forecasted to decline steadily from 2024 to 2028. In 2023, the actual value stood at 7.28 million hours. The year-on-year percentage variation indicates a consistent decrease of approximately 3% each year over the following years: -2.97% from 2024 to 2025, -2.63% from 2025 to 2026, -2.70% from 2026 to 2027, and -2.46% from 2027 to 2028. The Compound Annual Growth Rate (CAGR) over the five-year period shows an average annual decline of 2.69%.
Future trends to watch for include potential shifts in the seafood sector driven by environmental regulations, technological advancements in aquaculture, and changes in consumer preferences towards sustainable seafood. Adaptation to these trends will be crucial for the sector's resilience and potential recovery.
- Year-on-year decreases of approximately 3%.
- A forecasted average annual decline of 2.69% over five years.
Key factors to monitor:
- Impact of environmental regulations.
- Technological advancements in aquaculture.
- Changes in consumer preferences towards sustainable seafood.
