The output of seafood in Canada has shown fluctuations over the years, with a notable underperformance in 2020 due to an approximate 29.76% decline, likely influenced by the global pandemic. However, the market rebounded in 2021 with a significant 20.73% increase, and a steady rise has been observed since then. The estimated value for 2023 stands at 4.25 billion Canadian Dollars, reflecting a 9.08% year-on-year increase from 2022.
Forecasts indicate a continuing positive trend with a 1.83% CAGR over the next five years, expecting the market to grow by 9.5% to reach 4.77 billion Canadian Dollars by 2028.
Future trends to watch for include:
- Technological advancements in aquaculture and sustainable fishing practices.
- Changes in global demand and trade policies impacting export numbers.
- Environmental factors and regulatory changes affecting supply chains.
- Potential impacts of climate change on marine life and seafood yields.
