The data reflects a downward trend in pelagic fish feed consumption in Canada. The volume, which stood at 140.75 thousand metric tons in 2023, has consistently decreased since 2016, marked by a significant dip in 2017 and a steady decline thereafter. From 2022 to 2023, there was a year-on-year decrease of 6.65%. The compound annual growth rate (CAGR) for the last five years was -4.95%. Forecasts predict a continuous decline, with a projected CAGR of -7.38% from 2023 to 2028, resulting in a 31.85% reduction. This indicates an ongoing shrinkage in demand for pelagic fish feed.
Future trends to watch include advances in alternative feed technologies, regulatory changes, and shifts in aquaculture practices that may influence demand. Sustainable and cost-effective feed alternatives could play a significant role in shaping the market's trajectory.
