Canada Frozen Fish and Sea Food Market Overview, 2029

Canada's fish and seafood market has evolved significantly over time, reflecting shifts in technology, consumer preferences, and international trade dynamics. In the early years, fish and seafood were primarily harvested for local consumption and trade, with indigenous peoples utilizing traditional fishing techniques passed down through generations. The arrival of European settlers in the 16th century introduced commercial fishing practices, leading to the establishment of fisheries along the Atlantic and Pacific coasts. The development of canning and refrigeration technologies in the 19th century revolutionized the industry, enabling the transportation of fresh and processed seafood to distant markets. Throughout the 20th century, Canada emerged as a major player in the global fish and seafood trade, exporting a diverse range of products to countries around the world. The country's vast marine resources, coupled with stringent quality control measures and sustainable fishing practices, have contributed to its reputation as a reliable supplier of premium seafood. Today, Canada's fish and seafood industry is a significant contributor to the national economy, supporting thousands of jobs in harvesting, processing, and distribution. Government agencies such as Fisheries and Oceans Canada play a crucial role in regulating the industry, implementing quotas, monitoring fish stocks, and enforcing conservation measures to ensure the long-term health of aquatic ecosystems. Indigenous peoples continue to play an integral role in Canada's fishery sector, with many communities actively participating in commercial fishing and aquaculture operations. According to the research report "Canada Frozen Fish & Seafood Market Overview, 2029," published by Bonafide Research, the Canada Frozen Fish & Seafood market is anticipated to grow at more than 4.80% CAGR from 2024 to 2029. The fish and seafood industry is a substantial contributor to Canada's economy, this sector is vital for the country's economic growth and development. Canada exports fish and seafood products to 115 countries worldwide, showcasing the industry's global reach and diversity. The most valuable exports by species in 2023 were lobster, snow/queen crab, and Atlantic salmon. The Canadian fish and seafood industry emphasizes sustainability, ensuring the long-term health of fisheries for future generations. This focus on sustainability is critical for maintaining the industry's viability and addressing environmental concerns. The market share concentration for the Fish & Seafood Wholesaling industry in Canada is low, meaning that the top four companies generate less than 40% of industry revenue. This low concentration indicates a competitive market with many players. The market size of the Fish & Seafood Wholesaling industry in Canada is projected to grow over the next five years, driven by factors such as increasing demand for seafood and the industry's focus on sustainability. The industry offers a range of products and services, including fresh and frozen fish, seafood, and processed seafood products. The industry's products cater to various consumer preferences and cuisines. The seafood industry in Atlantic Canada is particularly renowned for its quality, leadership, and innovation, and places a great emphasis on sustainability. This regional focus highlights the importance of local industries and their contributions to the national economy. Canadian consumers consider several factors when purchasing fish and seafood, including freshness, taste, and sustainability. These preferences drive the industry's product development and marketing strategies. The industry's performance is influenced by various factors, including market trends, consumer preferences, and government policies. The industry's outlook is driven by factors such as the demand for seafood, the focus on sustainability, and the competitive market structure. Canada has one of the world's most valuable commercial fishing industries exports, Fish and seafood are among the largest single food commodities exported by Canada. Canada exported fish and seafood products to 115 countries in 2023, demonstrating the global demand for Canadian seafood. The United States remains Canada's largest export market, accounting for 64% of exports. The main categories include fish, shrimp, and others. Fish encompasses a broad range of species, such as salmon, cod, and halibut, which are commonly consumed in various forms like fresh, frozen, or canned. Shrimp is another popular category, with various species like snow crab, king crab, and lobster being highly sought after. The "others" category includes a diverse range of seafood products, including mussels, clams, scallops, and squid, which are often used in various cuisines and dishes. Canada's fish and seafood exports include a diverse range of species, such as lobster, snow/queen crab, Atlantic salmon, halibut, and cod. This variety caters to the preferences of different markets and cuisines. Canada's fish and seafood industry places a strong emphasis on sustainability, ensuring the long-term health of fisheries for future generations. This is an important factor for consumers and trading partners concerned about environmental impact. Demand for easy-to-cook fish and seafood products is increasing in Canada as consumers seek convenient options to fit into their busy schedules. Rising concerns over destructive fishing practices are also driving demand for sustainable seafood products.

The Canadian fish and seafood market is characterized by a diverse range of product forms, each catering to different consumer preferences and lifestyles. Canned products such as tuna, salmon, and sardines are staples in many Canadian households, used in a variety of recipes and as a source of ready-to-eat protein. The nutritional value of canned seafood, combined with ease of storage, makes it a practical choice for many consumers. Freshness and quality are the primary drivers in this category. Chilled seafood includes fresh fish fillets, shellfish, and other minimally processed items that are typically sold in refrigerated sections of supermarkets and specialty stores. This segment appeals to health-conscious consumers and gourmet cooks who prioritize taste and quality. Offering a wide array of products such as fish fillets, shrimp, scallops, and seafood mixes, the frozen seafood segment is significant in the Canadian market. Freezing helps preserve the nutritional content and extends the shelf life of seafood, making it a convenient option for consumers who value both quality and longevity. Processed seafood products are favored for their convenience, consistent taste, and ease of preparation, catering to busy families and individuals looking for quick meal solutions. Additionally, the market for value-added products like marinated and seasoned seafood has been growing, driven by consumer demand for more diverse and flavorful options. The fish and seafood market industry in Canada utilizes a range of distribution channels to meet the demands of diverse consumers. Major channels include supermarkets and hypermarkets, which dominate the retail landscape, providing a broad selection of fresh, frozen, and processed seafood products to a wide customer base. Specialty seafood stores and fishmongers offer high-quality, often locally sourced products, catering to consumers seeking premium or niche items. Additionally, wholesale markets play a crucial role, supplying seafood to restaurants, hotels, and other food service establishments that require large quantities of fresh and frozen products. Online retail platforms are also gaining traction, driven by consumer preferences for convenience and direct delivery options, especially in urban areas. Furthermore, food delivery services and meal kit providers are increasingly incorporating seafood options into their offerings, reflecting the growing trend towards home delivery and ready-to-cook solutions. These varied distribution channels ensure that seafood products are accessible to a wide audience, supporting the industry's growth and meeting the diverse needs of Canadian consumers. Major companies in the market Cargill Incorporation, Nomad foods, Hormel food, Rich Product Corporation, Al Kabeer group Considered for the report: • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecasted year: 2029

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Manmayi Raval

Research Consultant

Aspects covered in this report • Frozen Fish & seafood Products with its value and forecast along with its segments • Various divers and challenges • Ongoing trends and developments • Top profiled companies By Product • Fish • Shrimp • Others By Form • Canned • Chilled • Frozen • Processed By Distribution Channel • Convenience Stores • Online • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Fish & Seafood products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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