The number of self-employed people in the seafood sector in Canada has shown a general downward trend from 2013 to 2023, declining significantly from 5.64 thousand persons in 2013 to 3.55 thousand persons in 2023. This represents a year-on-year decrease of -2.21% in 2023. The most substantial drop occurred between 2015 and 2016 with a year-on-year decrease of -22.46%. The Compound Annual Growth Rate (CAGR) over the past five years (2018-2023) has been -0.77%, indicating a rather mild but consistent decline.
The forecasted data from 2024 to 2028 predicts a continued decline, with the figure expected to drop to 3.3 thousand persons by 2028. The forecasted CAGR for the next five years is -1.07%, suggesting that the sector will continue to face challenges. A total decrease of -5.25% is anticipated over this period.
Future trends to watch for:
- Impact of sustainable fishing practices and regulations on self-employment
- Technological advancements and their adoption in the seafood sector
- Global economic conditions and their influence on the seafood market
- Potential shifts in consumer demand towards alternative protein sources
