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Seafood Preparation in Canada Industry Data and Analysis
In recent years, Canada's Seafood Preparation industry has demonstrated resilience and adaptability in a rapidly evolving market. This industry, which plays a critical role in the country's food sector and makes significant export contributions, has faced numerous challenges and opportunities. Recent performance highlights include steady growth driven by domestic consumption and exports, alongside an increasing focus on sustainability and innovation. These factors have shaped a dynamic landscape that continues to evolve with shifting consumer preferences and regulatory pressures. Industry revenue has been expanding at a CAGR of 1.1% over the past five years and is expected to reach $7.7 billion in 2025. Revenue is forecast to rise 2.7% in 2025 alone as profit reaches 3.9%.
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What's included in this industry analysis
IBISWorld's research coverage on the Seafood Preparation industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released November 2025.
About this industry
What's this industry report about?
The Seafood Preparation industry in Canada operates under the NAICS industry code 31171CA. The industry is involved in canning, smoking, salting, drying, freezing and packing fish and shellfish. Industry operators also eviscerate fish (remove parts from fish), shuck shellfish (remove their shells) and process fish and shellfish fats and oils. This industry also includes floating factory ships, also known as fish processing vessels, which are engaged in shipboard seafood processing. The term seafood processing is used to describe these activities as a whole. Related terms covered in the Seafood Preparation industry in Canada include aquaculture, omega-3 fatty acid, shellfish and floating factory ships.
What's included in this industry?
Products and services covered in Seafood Preparation industry in Canada include Other seafood products, Canned and preserved fish and Seafood and marine products.
What companies are included in this industry?
Companies covered in the Seafood Preparation industry in Canada include Clearwater Seafoods, High Liner Foods and Fisher King Seafoods.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Seafood Preparation industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Seafood Preparation industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Seafood Preparation industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Seafood Preparation industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Seafood Preparation industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Seafood Preparation industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Seafood Preparation industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Seafood Preparation industry in Canada.
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Frequently Asked Questions
What is the market size of the Seafood Preparation industry in Canada in 2026?
The market size of the Seafood Preparation industry in Canada is $7.7bn in 2026.
How many businesses are there in the Seafood Preparation industry in Canada in 2025?
There are 467 businesses in the Seafood Preparation industry in Canada, which has declined at a CAGR of 2.1 % between 2020 and 2025.
How may import tariffs affect the Seafood Preparation industry in Canada?
The Seafood Preparation industry in Canada is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Seafood Preparation industry in Canada?
The Seafood Preparation industry in Canada is likely to be significantly impacted by export tariffs with exports accounting for a high share of industry revenue.
Has the Seafood Preparation industry in Canada grown or declined over the past 5 years?
The market size of the Seafood Preparation industry in Canada has been growing at a CAGR of 1.1 % between 2020 and 2025.
What is the forecast growth of the Seafood Preparation industry in Canada over the next 5 years?
Over the next five years, the Seafood Preparation industry in Canada is expected to grow.
What are the biggest companies in the Seafood Preparation industry in Canada?
The biggest companies operating in the Seafood Preparation industry in Canada are Clearwater Seafoods, High Liner Foods and Fisher King Seafoods
What does the Seafood Preparation industry in Canada include?
Seafood and marine products and Canned and preserved fish are part of the Seafood Preparation industry in Canada.
Which companies have the highest market share in the Seafood Preparation industry in Canada?
The company holding the most market share in the Seafood Preparation industry in Canada is Clearwater Seafoods.
How competitive is the Seafood Preparation industry in Canada?
The level of competition is high and increasing in the Seafood Preparation industry in Canada.
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