Fish & Seafood - Canada

Canada

Revenue in the Fish & Seafood market amounts to €4.45bn in 2024. The market is expected to grow annually by 5.08% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€90bn in 2024).
In relation to total population figures, per person revenues of €113.70 are generated in 2024.
In the Fish & Seafood market, volume is expected to amount to 191.20m kg by 2029. The Fish & Seafood market is expected to show a volume growth of 4.3% in 2025.
The average volume per person in the Fish & Seafood market is expected to amount to 4.3kg in 2024.

Key regions: United Kingdom, United States, India, Canada, China

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Fish & Seafood Market in Canada has seen modest growth due to factors like increasing demand for fresh and processed seafood, growing health consciousness among consumers, and the convenience of online shopping. However, factors such as fluctuations in fish populations and regulations on fishing practices have impacted the market's growth rate.

Customer preferences: In Canada, the Fish & Seafood Market within The Food market is experiencing a rise in demand for sustainably sourced and ethically produced products. Consumers are becoming more mindful of their environmental impact and are seeking out seafood options that align with their values. This trend is also influenced by a growing interest in health and wellness, with consumers prioritizing nutritious and clean seafood options. Additionally, the rise of global cuisine and diverse palates has led to an increase in demand for a wide variety of fish and seafood products, catering to different cultural preferences.

Trends in the market: In Canada, the Fish & Seafood market is experiencing a surge in demand for sustainably sourced and locally caught seafood. This trend is driven by increasing consumer awareness and concerns about the environmental impact of fishing practices. As a result, seafood companies are investing in sustainable fishing methods and certifications to meet this demand. This trend is expected to continue, with consumers becoming more conscious of their seafood choices and companies adapting to meet these expectations. This could have significant implications for industry stakeholders, as companies may need to re-evaluate their supply chains and marketing strategies to align with this trend. Additionally, this could create opportunities for new players in the market who specialize in sustainable seafood.

Local special circumstances: In Canada, the Fish & Seafood Market is heavily influenced by the country's vast coastline and rich fishing industry. The demand for fresh, locally caught seafood is high, as Canadians have a strong preference for sustainable and ethically sourced products. Additionally, strict regulations and quality standards ensure the safety and quality of Canadian seafood, making it a sought-after product in international markets. This unique combination of factors creates a thriving market for Fish & Seafood in Canada, with a focus on high-quality, sustainable products.

Underlying macroeconomic factors: The Fish & Seafood Market within The Food market in Canada is greatly impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The performance of this market is heavily influenced by the economic health of the country, as well as global economic trends. Government policies regarding trade and investment also play a significant role in market performance. Moreover, the growing demand for sustainable and ethical seafood production, as well as the increasing health consciousness among consumers, are driving the growth of the Fish & Seafood Market in Canada.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.