The value-added of fishing and aquaculture in Canada was 3.56 Billion Canadian Dollars in 2023. Over the past decade, the sector has experienced several peaks and troughs, with significant year-on-year variations: 2020 saw a notable drop of -13.65%, whereas 2016 recorded a high of 22.11%. Recent years have shown a more stable but modest growth, with a 3.11% increase in 2023. The compound annual growth rate (CAGR) for the last 5 years stands at 3.6%.
Looking forward, the sector is expected to continue its moderate growth, with a forecasted CAGR of 2.32% over the next five years, leading to a 12.15% overall growth rate by 2028.
Future trends to watch for:
- Technological advancements in aquaculture improving yields
- Impact of climate change on fishing stocks
- Regulatory changes to promote sustainable fishing practices
- Shifts in consumer preferences towards sustainable seafood
