The seafood product preparation and packaging expenses in Canada have shown significant growth over the past decade, beginning at 4.01 billion CAD in 2013 and reaching 7.82 billion CAD by 2023. This represents a substantial rise, despite a notable dip in 2020 with a year-on-year decrease of 18.5%. Average annual growth over the last 5 years (ending 2023) stands at 4.11%. Year-on-year increases for 2022 and 2023 were 11.39% and 8.71% respectively.
Looking forward to 2028, forecasted data indicates continued growth with expenses projected to rise to 9.52 billion CAD, driven by a 5-year CAGR of 3.11%. This translates to an overall 5-year growth rate of 16.56%.
Future Trends to Watch for:
- Technological advancements in seafood processing and packaging.
- Increasing consumer demand for sustainable and eco-friendly packaging solutions.
- Global economic factors affecting seafood supply chains and costs.
- Regulatory changes impacting the industry.