Canada: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in Canada

The Canadian fresh fish fillet market soared to $X in 2021, jumping by 37% against the previous year. Over the period under review, consumption enjoyed a prominent increase. Fresh fish fillet consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Fresh Fish Fillet Production in Canada

In value terms, fresh fish fillet production shrank to $X in 2021 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +1.2% against 2019 indices. The growth pace was the most rapid in 2017 when the production volume increased by 44%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Fresh Fish Fillet Exports

Exports from Canada

Fresh fish fillet exports from Canada was estimated at X tons in 2021, therefore, remained relatively stable against 2020. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 31% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, fresh fish fillet exports expanded sharply to $X in 2021. Overall, total exports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +17.9% against 2019 indices. The growth pace was the most rapid in 2016 when exports increased by 31%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for fresh fish fillet exports from Canada, with a approx. 99% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +1.8%.

In value terms, the United States ($X) also remains the key foreign market for fresh or chilled fish fillets exports from Canada.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +5.5%.

Export Prices by Country

In 2021, the average fresh fish fillet export price amounted to $X per ton, rising by 8.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. The most prominent rate of growth was recorded in 2017 an increase of 15% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see gradual growth in the near future.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +3.6% per year.

Fresh Fish Fillet Imports

Imports into Canada

In 2021, imports of fresh or chilled fish fillets into Canada expanded remarkably to X tons, increasing by 7.5% on the previous year's figure. Over the period under review, total imports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +94.2% against 2016 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 30%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, fresh fish fillet imports surged to $X in 2021. The total import value increased at an average annual rate of +6.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile (X tons), the United States (X tons) and Norway (X tons) were the main suppliers of fresh fish fillet imports to Canada, together comprising 74% of total imports. Iceland, Colombia, Vietnam, the UK, Honduras, Costa Rica and Ecuador lagged somewhat behind, together comprising a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +35.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), the United States ($X) and Norway ($X) appeared to be the largest fresh fish fillet suppliers to Canada, together accounting for 78% of total imports.

Among the main suppliers, Norway, with a CAGR of +42.8%, recorded 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 fresh fish fillet import price stood at $X per ton in 2021, with an increase of 13% against the previous year. Overall, import price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the average import price increased by 35%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :