Canada Aquaculture Market Insights Forecasts to 2033

• The Canada Aquaculture Market Size was valued at USD 1420.5 Million in 2023.
• The Market is growing at a CAGR of 7.69% from 2023 to 2033
• The Canada Aquaculture Market Size is expected to reach USD 2980.5 Million by 2033

The Canada Aquaculture Market is anticipated to exceed USD 2980.5 Million by 2033, growing at a CAGR of 7.69% from 2023 to 2033. The increasing demand for seafood, supportive government policies, and technological advancement are driving the growth of the aquaculture market in Canada.     

Market Overview

Aquaculture is the process of cultivating aquatic organisms under controlled conditions for human consumption. It is one of the modified systems for producing fish, algae, shellfish, and other similar creatures in all kinds of aquatic habitats. In order to meet the rising need for food and to solve the issues facing agriculture in the marketplace, aquaculture continues to be a vital commercial sector. The aquaculture sector in Canada has significant market growth as a result of Atlantic salmon production comprising 88% of the aquaculture industry as per the data published by Food and Agriculture Organization of the United Nations. There is an integration of sustainable farming techniques such as polyculture that are boosting farms’ resilience and profitability owing to the challenges of natural resource scarcity, ecosystem decline, agricultural pollution, and rising input costs. Further, the increasing application of biotechnology to aquaculture for enhancing fish production is providing market opportunity for the aquaculture market in Canada.

Report Coverage

This research report categorizes the market for the Canada aquaculture market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Canada aquaculture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Canada aquaculture market.

Driving Factors

As per the estimates, Canada is the 5^th largest fish and seafood exporter globally, with over 7 billion dollars in seafood exports each year. Thus, the increased retail sector of fish and seafood in the country is responsible for driving the market. Various government policies including fisheries programs and initiatives are promoting the aquaculture market. The development of novel and disruptive technologies including genome editing, artificial intelligence, offshore farming, recirculating aquaculture systems, and many more advancements for promoting sustainable and profitable aquaculture are propelling the market growth.

Restraining Factors

The increasing adoption of veganism in the country owing to the rising health concerns among the fitness community is challenging the Canada aquaculture market.

Market Segmentation

The Canada Aquaculture Market share is classified into environment and fish type.

• The fresh water segment dominated the market with a significant market share during the forecast period.

The Canada aquaculture market is segmented by environment into marine water, fresh water, and brackish water. Among these, the fresh water segment dominated the market with a significant market share during the forecast period. Freshwater aquaculture includes the use of fish ponds, fish pens, fish cages or, on a limited scale, in rice paddies. The accessibility and need for less specialized equipment in freshwater aquaculture are driving the market.  

• The mollusks segment dominated the Canada aquaculture market during the forecast period.       

Based on the fish type, the Canada aquaculture market is divided into carps, mollusks, crustaceans, mackerel, sea bream, and others. Among these, the mollusks segment dominated the Canada aquaculture market during the forecast period. Mollusks including clams, mussels, oysters, and squid offer sustainable and protein-rich alternatives. The growing trend towards healthier and more environment-conscious food choices in the seafood sector is driving the market in the mollusks segment.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada aquaculture market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Atlantic Aqua Farms Ltd.
• Badger Bay Mussel Farms Ltd.
• ICY Waters Ltd.
• Merck Animal Health Canada
• Alltech Canada Inc.
• Cermaq Group AS
• COOKE Aquaculture Inc.
• Creative Salmon Co. Ltd.
• Cascadia Seaweed
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2024, Vancouver Island-based fish farming supplier Poseidon Ocean Systems Ltd raised US $20.75 million (£16.3m / Can $28m) to expand manufacturing capacity and support the growth and delivery of its turnkey fish life support systems and hybrid sea cage systems.
• In March 2024, Canada approved Veramaris’ algal oil for use in aquafeeds. Veramaris, Netherlands-based algal oil producer, completed a three-year registration process for approval in salmon feeds in Canada. The authorization allows Veramaris to provide Canada’s salmon farmers with EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid) — nutrients essential for fish health and welfare and the nutritional value of farm-raised seafood.
• In December 2023, the provincial government provided $2 (€1.8) million to True North Salmon and its parent company, Cooke Aquaculture, through the Atlantic Fisheries Fund for the purchase of equipment for its salmon processing plant in the town of St George.  

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Aquaculture Market based on the below-mentioned segments:

Canada Aquaculture Market, By Environment

• Marine Water
• Fresh Water
• Brackish Water

Canada Aquaculture Market, By Fish Type

• Carps
• Mollusks
• Crustaceans
• Mackerel
• Sea bream
• Others