Canada Seafood Market Overview, 2029

The Canadian seafood market is well-known for its high-quality, sustainable, and diverse options, which have been influenced by the country's broad coastlines and copious freshwater resources. The market covers a wide range of species, including shellfish like lobster, crab, and prawns, as well as finfish like salmon, cod, and haddock. The industry makes a considerable contribution to the Canadian economy, providing numerous jobs in coastal areas and producing billions of dollars in exports each year. The introduction of new technologies, such as refrigeration and sophisticated fishing gear, accelerated the industry's expansion. However, overfishing and environmental concerns eventually led to tougher laws and the adoption of sustainable fishing practices. In recent decades, the Canadian seafood sector has undergone considerable changes, notably the rise of aquaculture. Farmed species, such as Atlantic salmon, have become major exports, with Canada being one of the world's leading producers. Along with that, there has been a boom in consumer interest in sustainable and traceable seafood, prompting the sector to implement eco-certifications and increase supply chain transparency. Key policies include the Sustainable Fisheries Framework, which establishes rules for fisheries management, and the Aquaculture Activities Regulations, which govern the environmental elements of fish farming. Along with that, the Canadian Food Inspection Agency enforces standards to assure seafood safety and quality, such as correct labelling, handling, and processing methods. International agreements and certifications, such as those issued by the Marine Stewardship Council, help to shape the market and ensure that Canada's seafood meets worldwide standards. According to the research report "Canada Seafood Market Overview, 2029," published by Bonafide Research, the Canada seafood market is expected to reach a market size of more than USD 5920 Million by 2029. According to the Canadian Aquaculture Industry Alliance, the industry generates more than CAD 6 billion in economic activity each year, with exports to over 140 countries. The market's expansion is driven by both wild-catch fisheries and aquaculture, the latter being one of the world's fastest-growing food production industries. Several trends are impacting Canada's seafood business. Consumers are increasingly looking for sustainable and traceable seafood, which is pushing the development of eco-certification labels such as the Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC). Along with that, the market is becoming more diverse in terms of species, with rising demand in products such as sea cucumber, sea urchin, and geoduck. Established enterprises as well as innovative entrants are key players in the Canadian seafood industry. Clearwater Seafoods, one of North America's largest vertically integrated seafood firms, is well-known for its lobster and scallop products. Cooke Aquaculture, a global seafood corporation, is a major player in the aquaculture industry, focussing on Atlantic salmon. Canada's primary seafood import partners are the United States, China, and the European Union. The United States remains the greatest market for Canadian seafood, with lobster and salmon being the most popular exports. The EU is also a significant importer, with a strong demand for sustainable and high-quality seafood.

The Canadian seafood market includes both farm-raised (aquaculture) and wild-caught seafood, each with its own characteristics, benefits, and challenges. Wild-caught seafood is mostly supplied from Canada's enormous coastlines and freshwater resources, and contains a wide variety of species such as lobster, crab, cod, and haddock. Currently, the farm-raised category is expanding rapidly in the Canadian seafood market. A variety of causes have contributed to this rise. To begin, rising global demand for seafood, along with the stagnation or decrease of many wild fish supplies, has fuelled the growth of aquaculture. Along with that, the growing customer preference for sustainable and traceable seafood products has increased the popularity of ethically farmed seafood. Ocean Choice International is a major player, focussing on groundfish species including cod and haddock. Both organisations prioritise sustainability by investing in modern fishing fleets and processing facilities. Cooke Aquaculture is a major operator in farm-raised seafood, particularly Atlantic salmon farming. The company operates in several regions of Canada and around the world, with a strong emphasis on innovation and sustainability. Cermaq Canada, a Mitsubishi Corporation subsidiary, is another prominent salmon farming enterprise noted for its innovative farming techniques and environmental responsibility. The Canadian seafood market provides a vast range of goods, both fresh and processed, to meet a variety of consumer preferences and market demands. Fresh fish is frequently sought after by consumers and high-end restaurants due to its exceptional culinary qualities. Processed seafood, on the other hand, refers to products that have undergone value-added processing, such as filleting, smoking, canning, or preparation into ready-to-eat meals. This segment appeals to busy consumers as well as numerous foodservice companies because to its convenience, extended shelf life, and variety. The processed seafood industry is now witnessing tremendous expansion in the Canadian seafood market. Several variables contribute to this pattern. For starters, the growing demand for convenience foods, fuelled by busy lifestyles and shifting customer preferences, has increased the popularity of value-added seafood products. Ocean Choice International is another major supplier, offering a diverse range of fresh groundfish species. Along with that, various local and regional fishermen and cooperatives contribute to the fresh seafood industry by offering a wide variety of items. Clover Leaf Seafoods, a leading canned seafood business, is well-known for its canned tuna, salmon, and other processed seafood products. Along with that, many aquaculture companies, such as Cooke Aquaculture and Cermaq Canada, have broadened their product offerings to include value-added processing options like smoked salmon and ready-to-eat meals. The Canadian seafood industry consists of a varied range of species, with fish, molluscs, and crustaceans being the most common. Fish, especially finfish and shellfish, are an important part of the Canadian seafood sector. The fish segment is notable for its various wild-caught fisheries and thriving aquaculture industry, particularly salmon farming. Molluscs are recognised for their distinctive flavours, textures, and culinary applications. This sector is important for both wild-caught fisheries and aquaculture production, with species such as blue mussels and Pacific oysters popular in Canadian aquaculture. Crustaceans, including lobster, crab, prawns, are highly valued in the Canadian seafood industry. This group is known for its delicious flavours and culinary appeal. Canada is well-known for its lobster industry, with the Atlantic lobster being a particularly iconic and commercially significant species. The crustacean category includes both wild-caught fisheries and aquaculture, while the majority of crustaceans are collected in the wild. For starters, rising global demand for finfish, combined with advances in aquaculture technology, has fuelled the growth of the fish industry. The Canadian seafood industry connects suppliers and consumers through a variety of distribution routes, ensuring that items move efficiently from harvesters and producers to end users. Supermarkets, convenience stores, speciality stores, and online platforms are examples of key retail channels, each with their own set of benefits and target audiences. Supermarkets are the primary distribution route for seafood in Canada, with Loblaw Companies Limited (including brands such as Loblaws, Real Canadian Superstore, and Provigo), Sobeys (including Safeway and IGA), and Metro Inc. leading the way. Supermarkets also benefit from substantial infrastructure, established supply networks, and robust marketing skills. Convenience stores play a role in seafood distribution, but with fewer seafood options than supermarkets. Stores such as 7-Eleven, Circle K, and Couche-Tard provides frozen or ready-to-eat fish goods, catering to customers looking for quick and convenient dinner options. Speciality stores appeal to discerning consumers and food enthusiasts by delivering high-quality, one-of-a-kind, or hard-to-find seafood. The Canadian seafood market offers a variety of preserved seafood options, including frozen, salted, dried, smoked, and canned or pickled seafood. Among them, frozen seafood dominates the market due to its convenience, year-round availability, and developments in freezing technology. The frozen seafood business is well-supported by existing infrastructure and caters to a wide range of consumer tastes, which helps to explain its dominant position in the Canadian seafood scene. Salted seafood, while not as popular as frozen, has a major presence in the Canadian market, notably for products such as salted cod. Another type of preserved seafood is dried seafood, which includes products such as dried fish and seaweed snacks. Drying is one of the oldest preservation procedures, removing moisture to prevent bacterial growth and increase shelf life. The dried seafood industry is being driven by both traditional consumption patterns and an increasing demand for healthy, handy snack options. Smoked seafood is a premium area of the Canadian seafood industry that includes goods such as smoked salmon, smoked trout, and smoked mackerel. The demand for smoked fish stems from its standing as a gourmet product, which is frequently featured in high-end meals and special occasions. The market for smoked fish is distinguished by an emphasis on quality, craftsmanship, and artisanal production methods.

Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Seafood market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Source • Farm Raised • Wild Caught By Form • Processed • Fresh By Type • Fish • Crustaceans • Molluscs • Others (sea cucumbers, sea urchins,) By Distribution Channel • Supermarkets/Hypermarkets • Convenience Stores • Specialty Stores • Online Store • Others (wholesale markets, direct sales from fishermen) By Category • Frozen Seafood • Salted Seafood • Dried Seafood • Smoked Seafood • Others (canned or pickled seafood) The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Seafood industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry. Keywords: Seafood, Farm Raised, Wild Caught, Processed, Fresh, Fish, Crustaceans, Molluscs, sea cucumbers, sea urchins, Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Store, Wholesale markets, direct sales from fishermen, Frozen Seafood, Salted Seafood, Dried Seafood, Smoked Seafood, canned or pickled seafood