$7.4bn
$XXX.Xm
24,841
479
$XXX.Xm
The Seafood Preparation industry in Canada has undergone a volatile performance in line with fluctuating macroeconomic conditions. Seafood products tend to be more expensive than other sources of animal protein, which means that consumers are more likely to choose alternative sources of protein when economic conditions are unfavorable. During the pandemic business disruptions and depleted consumer confidence significantly eroded industry revenue. This pitfall was offset by the economic recovery in 2021, as the industry rode the rising tide of improving macroeconomic conditions. Industry revenue has been dropping an annualized 1.9% over the past five years and is expected to reach to $7.8 billion in 2024. Revenue is expected to rise 2.4% in 2024 alone as profit reaches 5.8%.
Industry revenue has declined at a CAGR of 1.8 % over the past five years, to reach an estimated $7.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
High Liner Foods | 251.1 | 14.8 | 5.9 | |
Fisher King Seafoods | 218.1 | 20.8 | 9.5 | |
Cooke Aquaculture | 184.8 | N/A | N/A |
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Seafood Preparation in Canada
Industry revenue is measured across several distinct product and services lines, including Other seafood products, Canned and preserved fish and Seafood and marine products. Other seafood products is the largest segment of the Seafood Preparation in Canada.
Seafood and marine products dominate the market
The industry is involved in canning, smoking, salting, drying, freezing and packing fish and shellfish. Industry operators also eviscerate fish (remove parts from fish), shuck shellfish (remove their shells) and process fish and shellfish fats and oils. This industry also includes floating factory ships, also known as fish processing vessels, which are engaged in shipboard seafood processing. The term seafood processing is used to describe these activities as a whole.
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NAICS 311710 - Seafood Preparation in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Industry revenue dwindles as consumer confidence drops. Still heightened levels of per capita disposable income coupled with proliferating demand for seafood production have ...
Learn about an industry's products and services, markets and trends in international trade.
An appreciating Canadian dollar has made the domestic market more susceptible to import penetration via low-cost alternative products. The appeal of high quality Canadian sou...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Seafood Preparation industry in Canada is heavily concentrated in the Atlantic provinces, where most industry establishments are located. Due to the vast abundance of fis...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Domestic industry enterprises compete with imports, which consistently satisfy an estimated half of domestic demand. The industry largely hinges on movement in the value of t...
Learn about the performance of the top companies in the industry.
The industry is incredibly fragmented, with a plethora of smaller companies serving their immediate localities, and no single company capturing a large portion of the market. ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The industry largely hinges on per capita disposable income levels and consumer confidence. Despite being temporarily depleted during the pandemic, overall favorable trends i...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Larger industry enterprises are able to maintain higher profitability due to established economies of scale that enable them to manage costs. The rising price of seafood has ...
Including values and annual change:
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Key data sources in Canada include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Seafood Preparation industry in Canada is $7.4bn in 2024.
There are 479 businesses in the Seafood Preparation industry in Canada, which has declined at a CAGR of 2.7 % between 2019 and 2024.
The market size of the Seafood Preparation industry in Canada has been declining at a CAGR of 1.8 % between 2019 and 2024.
Over the next five years, the Seafood Preparation industry in Canada is expected to grow.
The biggest companies operating in the Seafood Preparation market in Canada are High Liner Foods, Fisher King Seafoods and Cooke Aquaculture
Seafood and marine products and Canned and preserved fish are part of the Seafood Preparation industry.
The company holding the most market share in Canada is High Liner Foods.
The level of competition is high and increasing in the Seafood Preparation industry in Canada.