Despite Vietnamese seafood exports to Canada last year falling by 38.5% compared to 2022, the country remained the seventh largest seafood supplier to this potential market, according to the Import-Export Department under the Ministry of Industry and Trade.
However, as exports continuously witnessed a sharp fall in the first months of 2023, Vietnam’s seafood exports to Canada still dropped by 38.5% compared to 2022.
According to IBISWorld, a newswire on industry market research, report and statistics, the Canadian seafood industry’s revenue has decreased an average of 1% per year over the past five years, and was estimated to reach about US$4.5 billion last year.
Canada’s seafood consumption saw downward trend as consumers turned to beef, chicken and other protein items which have lower prices than seafood.
Statistics from the Canadian Border Services Agency showed that Vietnam is currently the 7th largest seafood supplier for Canada. There are remarkable changes in the structure of seafood exports to the Canadian market.
Accordingly, the proportion of frozen shrimp and frozen tuna decreased while the proportion of pangasius and canned tuna increased.
In the coming time, Vietnamese seafood exports to Canada is expected to rebound as the country’s consumption demand is forecast to rise in the next five years.
According to Statista’s projection, Canada’s seafood revenue is set to hit US$4.79 billion by 2024 and will grow 4.90% on average per year.