Economic Importance of Canada s Fish and Seafood industry
Posted on 19 September 2016 by KenResearch Food and Beverage,
Ken Research announced its latest publication on, “Consumer and Market Insights: Fish & Seafood in Canada” which provides a detailed analysis of the Canadian Fish and Seafood market. This report provides an insight about the buying behavior pattern of Canadians which is inclined towards value for money products. It also provides information regarding the leading players, the consumer level trends, reviews and recommendations on how the economy will shape up from 2015-2020.
Canada’s fish & seafood industry is economically important as commercial fishing and aquaculture are the sectors which provide direct jobs as well as is the mainstay for many rural and coastal communities. Canada's fish and seafood segment resulted in a significant annual trade surplus with imports accounting to USD 3.4 billion in 2014. It is also
sustainably managed as FAOC which comes under federal government department regulation and management of the fishery sector. Canada’s fish & seafood industry is independently inspected and controlled and the Pacific commercial fishing landings were valued at USD 256 million.
Major players and ranking of Canadian Fish & Seafood market
The Canadian Food Inspection Agency (CFIA) sets the policies, requirements and inspection standards and takes care of equipment used for handling, storing and transporting fish. Agriculture and Agri-Food Canada is responsible for supporting market development and traceability.
Table 1: Contaminants in Retail Fish and Seafood Products: Summary Statistics for Total PCB Levels (results expressed in ppb)
Mercury is generally found in all tested fish and seafood products. As shown above (Table 2) total mercury levels were far below the Canadian standard of 0.5 ppm. The levels of mercury are always tested during the childhood and developing fetuses-stages because they are very much sensitive to the known harmful effects of Methyl Mercury.
KEY FACTORS DRIVING DEMAND FOR CANADIAN FISH AND SEAFOOD INDUSTRY
The seafood industry in Atlantic Canada is renowned for its quality, leadership and innovation and in addition, it also places a great emphasis on products such as hors d’oeuvres, pâtés and frozen fish entrées which has helped this industry to generate huge economic profits. Canada’s seafood industry is growing at a tremendous pace as during the North American Free Trade Agreement it has phased out tariffs on almost all Canadian exports to Mexico.
During 2015-2020, the market for fish and seafood is set to register a good forecast in terms of both value and volume growth. Fresh Fish & Seafood category has the largest volume share and is projected to visualize fastest growth, registering a CAGR of 4.3%. Due to their hectic lives, Canadians try to complete as much work as possible so there is a growing demand for easy-to-cook Fish & Seafood products. The leading distributor channels for Fish & Seafood in Canada are Hypermarkets & Supermarkets. Flexible packaging is set to register fastest growth among packaging materials and Canada offers a wide variety of sustainably harvested species from its different areas.
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