A new report from the Conference Board of Canada notes that consumption of seafood domestically is dropping, but an increased demand abroad means Canadian fisheries will remain successful if they shift their focus to foreign markets.
"With the right positioning, Canada's commercial fisheries and aquaculture sector can realize significant economic opportunities arising from this growing, largely foreign, demand," the report said, citing statistics showing worldwide consumption is expected to grow 16 percent by 2021, but in Canada, per capita consumption dropped from 9.8 kg in 2003 to 7.89 kg in 2012.
According to the report, the CAD 7 billion Canadian seafood industry employs nearly 83,000 workers. While the industry is spread evenly around aquaculture, wild fisheries and processing, the report notes that landings are declining, going from more than 160,000 metric tons (MT) in 1988 to less than 40,000 metric tons today. By contrast, farm volumes have increased, with the exact opposite numbers over the same period.
"Aquaculture has the largest growth potential," the report said.
The full report is available online by clicking here.
