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Forecast Period
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2024-2028
|
|
Market Size (2022)
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USD1324.74 Million
|
|
CAGR (2023-2028)
|
7.83%
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Fastest Growing
Segment
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Online Stores
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|
Largest Market
|
Ontario
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Canada
Aquaculture market is anticipated to grow significantly through 2028 due to the
growing demand for seafood, favorable geographic
location, support from government, focus on sustainability, and rising
technological advancement.
Canada's
aquaculture market is a growing industry that is focused on the farming and
harvesting of fish and seafood products. The industry is made up of a diverse
range of species and production methods, including salmon, trout, mussels,
oysters, and other shellfish. The
aquaculture industry in Canada is primarily based along the country's extensive
coastline, with significant operations in British Columbia, New Brunswick, Nova
Scotia, and Newfoundland and Labrador. There are also inland aquaculture
operations, particularly in Ontario and Quebec.
Aquaculture
is a vital part of Canada's blue economy, as it offers opportunities for innovation,
diversification, and resilience in the face of climate change and global food
insecurity. The Canada population is estimated to be 38.25 million in 2021 and
is expected to reach 47.70 million by 2041, which will lead to an increase in
the demand for food in the region. Aquaculture is a growing and important
sector of the food industry in Canada, as it provides high-quality protein,
supports rural and coastal communities, and contributes to the national
economy. According to the “Canadian Aquaculture Industry Alliance (CAIA)”, Aquaculture
is among the fastest-growing food sectors in the world, accounting for nearly
50% of the world's total fish production. Canada is a global leader in
responsible and sustainable best practices, with strict environmental
regulations and high standards of animal welfare. Therefore, considering the above-mentioned
factors it is expected that the demand for the Canada Aquaculture market is
expected to rise in the forecasted period.
Growing Demand
for Seafood is Driving the Canada Aquaculture Market Demand
Seafood has long
been a staple of human diets, providing a rich source of nutrients and protein.
However, as the world population grows and seafood consumption increases, the
pressure on wild fish stocks has become unsustainable. This is where
aquaculture comes in, providing a means of meeting the growing demand for
seafood products while reducing the pressure on wild fish stocks. Canada's
aquaculture market is no exception, and the growing demand for seafood is
having a significant impact on its growth.
The growing
demand for seafood is considered one of the major drivers of Canada's aquaculture
market growth. According to the United Nations Food and Agriculture
Organization, seafood consumption has doubled over the past 50 years and is
projected to continue to grow. As the world population grows, so does the
demand for food, and seafood is increasingly seen as a healthy and sustainable
source of protein. Canada's aquaculture industry is well-positioned to meet
this growing demand, with its long coastline, numerous lakes, and rivers
providing ample opportunity for aquaculture development.
Additionally,
Canada's proximity to major seafood markets in the United States and Asia makes
it an attractive location for aquaculture operations. The Canadian government
has also been supportive of the aquaculture industry, providing financial and
regulatory support to help it grow. For example, the government has provided
funding for research and development and has established environmental
standards to ensure sustainable aquaculture practices. This in turn is expected
to drive the growth of Canada Aquaculture Market.
Technological advancements
have also played a role in the growth of Canada's aquaculture industry.
Advances in aquaculture technology have enabled the industry to improve its
efficiency, productivity, and sustainability. For example, the development of
recirculating aquaculture systems (RAS) and offshore aquaculture technology has
opened up new opportunities for the industry. Therefore, the increasing demand
for seafood is expected to influence the growth of Canada aquaculture market.
Supportive
Government Policies are a Driving Force Behind the Expansion of Canada Aquaculture
Market
The main drivers
of the growth of Canada Aquaculture Market have been the supportive government
policies that have created an environment conducive to expansion and innovation
in the aquaculture sector. According to the Canadian Aquaculture Industry
Alliance, the Canada aquaculture market production volume was estimated to be
170,805 tons in 2020 of which 140,775 tons share is contributed by finfish.
The Canadian
government has taken a proactive approach to the regulation and management of
the aquaculture industry, which has helped to ensure the sustainability and
environmental responsibility of the sector. The regulatory framework established
by the government includes rules and regulations on a wide range of issues,
from fish health to water quality and feed quality. This framework has been
instrumental in promoting sustainable practices that minimize the environmental
impact of fish farming operations.
In addition to
regulatory support, the Canadian government has also invested heavily in
research and development to improve the productivity and efficiency of aquaculture
operations. This has led to the development of new technologies and practices
that have made fish farming more profitable and sustainable. For example, the
development of recirculating aquaculture systems (RAS) has allowed fish farmers
to produce higher volumes of fish in a more controlled environment, reducing
the need for antibiotics and other treatments.
The Canadian
government has also provided financial support to the aquaculture industry
through various programs and initiatives. The Atlantic Fisheries Fund, for
instance, provides funding for projects that aim to improve the sustainability
and competitiveness of the fishing and aquaculture industries in Atlantic
Canada. This funding has helped to support the development of new technologies
and practices that have made Canadian aquaculture more efficient, productive,
and profitable.
Market
development has also been a focus of Canadian government policy in the
aquaculture sector. The government has helped to promote Canadian aquaculture
products in international trade shows and missions, which has helped to expand
the customer base and increase exports. This has been particularly important
given the growing demand for seafood in Asia like Japan, China, Taiwan, and Hong
Kong, where Canadian seafood is highly regarded for its quality and
sustainability. In 2021, Canada exported around 1.06 billion costs of aquaculture
products worldwide. Hence, all these
efforts by the government to boost the aquaculture sector are expected the demand
for the Canada aquaculture market in the anticipated period.
Technological Advancement is
a Key Factor Driving the Canada Aquaculture Market Growth
Canada's
aquaculture market is a growing industry that is driven by several factors,
including favorable geographic location. With its extensive coastline, numerous
lakes, and rivers, Canada is well-suited to the development of aquaculture
operations, and this has been a significant driver of growth in the industry. Canada's
aquaculture industry is primarily focused along the country's extensive
coastline, which provides access to both saltwater and freshwater resources.
The coastal waters of Canada are rich in nutrients, making them ideal for the
farming and harvesting of fish and other seafood products. Additionally, the
numerous lakes and rivers throughout the country provide further opportunities
for the development of aquaculture operations.
One of the main
species farmed in Canada's aquaculture industry is salmon, which is primarily
produced in British Columbia, where the industry has access to the Pacific
Ocean. British Columbia has a favorable climate and abundant water resources,
making it an ideal location for salmon farming. Other species, such as mussels,
oysters, and trout, are also produced in coastal regions of Canada. In addition
to coastal regions, there are also inland aquaculture operations in Canada,
particularly in Ontario and Quebec. These operations often focus on the
production of species such as trout, which require freshwater resources. The
numerous lakes and rivers in these regions provide ample opportunity for the
development of these operations.
Technological
advancements have also played a role in the growth of Canada's aquaculture
industry. Advances in aquaculture technology have enabled the industry to
improve its efficiency, productivity, and sustainability. For example, the
development of recirculating aquaculture systems (RAS) and offshore aquaculture
technology has opened up new opportunities for the industry.
On June 20, 2019,
Canada ratified the Agreement on Port State Measures to Prevent, Deter and
Eliminate Illegal, Unreported, and Unregulated Fishing (PSMA), the provisions
of which are consistent with Canada’s longstanding port access regime for
foreign fishing vessels (2003 Port Access Policy). The agreement is implemented
through the Coastal Fisheries Protection Act and Regulations.
Fisheries and
Oceans Canada is working with the province of British Columbia and Indigenous
communities to create a responsible plan to transition from open net-pen salmon
farming in coastal British Columbia waters by 2025 and begin work to introduce
Canada’s first-ever Aquaculture Act. At the same time, work is being done to
introduce the country's first-ever aquaculture act. The proposed federal
Aquaculture Act would encourage a framework that is uniform nationwide,
respects provincial jurisdictions, and considers regional variances. It would be
implemented by updated regulations that are unique to aquaculture.
Market Segmentation
Canada Aquaculture market is segmented based on type, species, production type, distribution channels,
and region. Based on the type, the market is categorized
into land-based
aquaculture and sea-based aquaculture. Based on the species, the market is categorized
into pelagic fish, demersal fish, freshwater fish, and others. Based on the production
type, the market is categorized into the small scale and medium & large scale.
Based on the distribution channel, the market is fabricated into traditional
retail, supermarkets and hypermarkets, specialized retailers, online stores, and
others.
Download Free Sample Report
Company Profiles
MERCK Animal Health Canada, Alltech Canada Inc, Atlantic Aqua Farms Ltd, Badger Bay Mussel
Farms Ltd., ICY Waters Ltd., Cermaq Group AS, COOKE Aquaculture Inc., Creative
Salmon Co. Ltd., Grieg Seafood BC Ltd., and Cascadia Seaweed are some of the
key players of Canada aquaculture market.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 – 2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024 – 2028
|
|
Quantitative Units
|
Revenue in USD Million, Volume in Metric Tonnes, and
CAGR for 2018-2022 and 2023-2028
|
|
Report Coverage
|
Revenue forecast,
volume forecast, company share, competitive landscape, growth factors, and
trends
|
|
Segments Covered
|
Type
Species
Production Type
Distribution Channel
|
|
Regional scope
|
Ontario,
Quebec, The West, British Columbia, Atlantic Canada, The North
|
|
Key companies profiled
|
MERCK Animal Health
Canada, Alltech Canada Inc, Atlantic
Aqua Farms Ltd, Badger Bay Mussel Farms Ltd., ICY Waters Ltd., Cermaq Group
AS, COOKE Aquaculture Inc., Creative Salmon Co. Ltd., Grieg Seafood BC Ltd.,
and Cascadia Seaweed
|
|
Customization scope
|
10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
|
|
Pricing and purchase
options
|
Avail customized
purchase options to meet your exact research needs. Explore
purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, Canada aquaculture market has been segmented
into the following categories, in addition to the industry trends, which have
also been detailed below:
- Canada Aquaculture Market, By Type:
- Land Based Aquaculture
- Sea Based Aquaculture
- Canada Aquaculture Market, By Species:
- Pelagic Fish
- Demersal Fish
- Freshwater Fish
- Others
- Canada Aquaculture Market, By Production Types:
- Small Scale
- Medium & Large Scale
- Canada Aquaculture Market, By Distribution Channel:
- Traditional Retail
- Supermarkets and Hypermarkets
- Specialized Retailers
- Online Stores
- Others
- Canada Aquaculture Market, By Region:
- Ontario
- Quebec
- The West
- British Columbia
- Atlantic Canada
- The North
Competitive landscape
Company Profiles: Detailed analysis of the major companies in Canada
Aquaculture Market.
Available Customizations:
With the given market data, TechSci Research offers customizations
according to a company’s specific needs. The following customization options
are available for the report:
Company
Information
- Detailed analysis
and profiling of additional market players (up to five).
Canada Aquaculture Market is an upcoming
report to be released soon. If you wish an early delivery of this report or want
to confirm the date of release, please contact us at [email protected]