Canada Aquaculture Market: Expansion Fueled by Sustainability and Location Benefits

The Canada Aquaculture market is expected to grow during the forecast period from 2024 to 2028, driven by factors such as its favorable geographic location, government support, and a strong focus on sustainability.

According to TechSci Research report, “Canada Aquaculture Market- Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Canada Aquaculture Market Size is and is anticipated to increase at a substantial rate in the forecast period. The growing demand for seafood is having a significant impact on Canada's aquaculture market growth. With its favorable geographic location, government support, and technological advancements, Canada's aquaculture industry is well-positioned to meet the growing demand for seafood.

Moreover, the Canada aquaculture industry has continuously focused on sustainability to ensure that aquaculture operations are environmentally responsible and sustainable in the long term. Apart from this, the supportive government policies in Canada have created an environment that has encouraged growth and expansion in the aquaculture industry.

This has led to the development of a more sustainable, competitive, and profitable sector that contributes to the country's economic growth and food security. By investing in research and development, supporting regulatory frameworks, providing financial support, and promoting market development, the Canadian government has been instrumental in creating a thriving aquaculture industry that is poised for continued growth in the years ahead.

Despite the positive developments, there have been concerns about the potential impacts of aquaculture on the environment, including pollution, disease transfer to wild fish populations, and impacts on marine ecosystems. Along with competition from other seafood producers, shortage of skilled labor, high cost of production, and environmental concerns such as pollution, disease transfer to wild fish populations, and impacts on marine ecosystems are the several challenges that can hinder the Canadian aquaculture market growth.

The shortage of skilled labor in the industry as aquaculture operations require workers with specialized knowledge and training, and there is a need to attract and retain a skilled workforce. Apart from this, the industry faces competition from other seafood producers, both domestic and international.

With the increasing popularity of plant-based diets, there is a growing market for meat and seafood alternatives, which could impact demand for traditional seafood products. Hence, such factors are creating a significant impact on the market and impending Canada aquaculture market growth in the forecasted period. To address this challenge, the government could provide more financial support to smaller operators to help them grow and compete in the market.

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Canada Aquaculture market is segmented based on type, species, production type, distribution channels, and region.

Based on the type, the market is categorized into land-based aquaculture and sea-based aquaculture. The land-based aquaculture segment is expected to hold the largest market share in the forecast period. Land-based aquaculture can produce more fish per unit area than marine-based farming, as it can optimize the growth conditions and harvest cycles of the fish. Moreover, land-based aquaculture can be located closer to consumers, reducing transportation costs and carbon footprint, and enhancing the freshness and quality of the product. Hence, such advancement will dominate the market growth.

Based on the growth mechanism, the market is categorized into hydroponics, aeroponics, and aquaponics. The freshwater segment is expected to hold the largest market share in the forecast period. Freshwater fish have lower production costs and environmental impacts than saltwater fish, which require more energy and infrastructure. Freshwater fish such as trout, tilapia, and catfish are popular among consumers for their taste, nutrition, and affordability which make freshwater fish a dominating growth mechanism.

Major companies operating in the Canada aquaculture market are:

MERCK Animal Health Canada

Alltech Canada Inc.

Atlantic Aqua Farms Ltd

Badger Bay Mussel Farms Ltd.

ICY Waters Ltd.

Cermaq Group AS

COOKE Aquaculture Inc.

Creative Salmon Co. Ltd.

Grieg Seafood BC Ltd.

Cascadia Seaweed

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“Technological advancements have played a significant role in the growth of Canada's aquaculture industry. Innovations such as recirculating aquaculture systems (RAS), offshore aquaculture technology, and automated feeding systems have improved efficiency, productivity, and sustainability. RAS systems have enabled the industry to conserve water and reduce waste, while offshore aquaculture technology has expanded the industry's reach and reduced its environmental impact. Automated feeding systems have increased efficiency and reduced labor costs. Additionally, advances in genetics and breeding technologies have led to the development of faster-growing, disease-resistant fish, further improving the industry's productivity and profitability.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Canada Aquaculture Market By Type (Land Based Aquaculture, and Sea Based Aquaculture), By Species (Pelagic Fish, Demersal Fish, Freshwater Fish, Others), By Production Type (Small Scale v/s Medium & Large Scale), By Distribution Channel (Traditional Retail, Supermarkets and Hypermarkets, Specialized Retailers, Online Stores, Others), By Region, Competition, Opportunity, and Forecast, 2018-2028F , has evaluated the future growth potential of Canada aquaculture market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Canada aquaculture market.”

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