Canada: Market for Frozen Fish and Seafood 2024

Market Size for Frozen Fish and Seafood in Canada

In 2023, after three years of growth, there was significant decline in the Canadian frozen fish and seafood market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2022, and then shrank in the following year.

Production of Frozen Fish and Seafood in Canada

In value terms, frozen fish and seafood production rose rapidly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

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Exports of Frozen Fish and Seafood

Exports from Canada

In 2023, the amount of frozen fish and seafood exported from Canada declined to X tons, shrinking by X% compared with 2022. In general, exports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2023, the exports stood at a somewhat lower figure.

In value terms, frozen fish and seafood exports fell significantly to $X in 2023. Overall, total exports indicated a mild expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main destinations of frozen fish and seafood exports from Canada, together accounting for X% of total exports. Lithuania, Denmark, France, the UK, South Korea, Vietnam, Ukraine and Iceland lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lithuania (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for frozen fish and seafood exports from Canada, comprising X% of total exports. The second position in the ranking was held by China ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and Japan (X% per year).

Export Prices by Country

The average frozen fish and seafood export price stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2022, and then shrank markedly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish and Seafood

Imports into Canada

In 2023, after two years of growth, there was significant decline in purchases abroad of frozen fish and seafood, when their volume decreased by X% to X tons. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Imports peaked at X tons in 2022, and then dropped rapidly in the following year.

In value terms, frozen fish and seafood imports contracted significantly to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then dropped significantly in the following year.

Imports by Country

China (X tons), the United States (X tons) and Vietnam (X tons) were the main suppliers of frozen fish and seafood imports to Canada, together comprising X% of total imports. India, Norway, Chile, Ecuador, Indonesia, Iceland, Thailand, Taiwan (Chinese), Argentina and Russia lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Argentina (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen fish and seafood suppliers to Canada were China ($X), the United States ($X) and India ($X), together comprising X% of total imports. Vietnam, Chile, Norway, Indonesia, Ecuador, Thailand, Argentina, Taiwan (Chinese), Iceland and Russia lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Argentina, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen fish and seafood import price stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the import price, however, posted slight growth. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Iceland ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Russia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform