In 2023, the total number of fishing vessels in Canada was 16.33 thousand. From 2024 to 2028, a gradual decline is forecasted from 16.16 thousand to 15.49 thousand. The year-on-year variation indicates slight decreases in the number of vessels each year, with a consistent trend indicating a downturn in fleet size. The compound annual growth rate (CAGR) over the next five years predicts an average annual reduction in vessel numbers.
Future trends to watch for:
- Regulatory changes impacting fleet sizes
- Technological advancements reducing the need for a large fleet
- Shifts in fishing practices or consumer demand
