The Indo-Pacific has emerged as a promising destination for Canadian seafood exporters.

With 40 countries, more than four billion people and $47.19 trillion in economic activity, the Indo-Pacific is the world’s fastest-growing region. As the middle class increases in numbers, demand for high-quality products, like seafood, is rising across the region.

As part of our Indo-Pacific Strategy, Export Development Canada (EDC) is opening doors for Canadian trade and investment across the Indo-Pacific, so your company can confidently enter these dynamic markets and accelerate your global growth.

Here’s why EDC thinks the Indo-Pacific is a good catch for Canadian seafood producers.

The rising demand for seafood
Seafood is part of the daily diet in many Indo-Pacific nations. With more cash in their pockets, consumers in the region are looking to fill their plates with high-quality options. Canadian seafood—especially premium options like lobster, crab and salmon—is in a prime position to capitalize on this growing appetite.

“Canadian seafood is synonymous with quality and freshness. Recognized the world over as a premium brand, many of our highest-priced seafood delicacies are coveted not only for their taste, but as culinary status symbols in the Indo-Pacific,” says Ashley Kanary, director of global agri-food at EDC.

Currently, China is the largest market for Canadian seafood in the Indo-Pacific, with volumes increasing steadily. Japan and South Korea are also established markets with room for expansion, while Vietnam, Indonesia and the Philippines are emerging markets with great growth potential for Canadian seafood exporters.

Key trends driving demand
According to Edward Steeves, EDC’s regional vice-president for the Atlantic region, these trends are converging to accelerate demand in the Indo-Pacific:

1. Alternative protein demand
   The value of seafood exports has been on a long-term upward trend that’s expected to continue as the world strives to feed itself.
2. Rise of frozen food
   The COVID-19 pandemic led to a surge in demand for frozen seafood options to cook at home. The trend has continued post-pandemic, presenting an ongoing opportunity for Canada’s innovative food industry.
3. Return to dining out
   With the easing of pandemic restrictions, consumers are returning to restaurants and exhibiting pent-up demand for high-end seafood.
4. Growth in aquaculture
   Finite wild fish and seafood stocks have led to a growth in aquaculture solutions that’ll accelerate alongside the demand for alternative proteins.

Challenges to market entry
Succeeding in the Indo-Pacific requires careful planning and long-term commitment. The business environment is complex and highly competitive. Canadian seafood companies should be prepared to encounter challenges due to distance, language and culture, ESG concerns, and the local business environment while doing business in Indo-Pacific markets.

How EDC can help
With the support of EDC, Canadian seafood exporters can cast a wider net and seize the vast opportunities the Indo-Pacific offers.

EDC is part of the Government of Canada’s trade ecosystem. With representatives in key  Indo-Pacific markets, EDC identifies new opportunities for Canadian businesses, connects with local partners, and acts as a catalyst to increase Canada’s trade in the region. EDC also offers:

• Credit insurance to lower your risk of doing business abroad
• Access to working capital
• Knowledge about international markets
• Connections to international companies in need of your products and services

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Find out more about how we can help you confidently enter the region, reduce financial risks and grow your business in some of the globe’s most dynamic markets.

Call EDC at 1-800-229-0575 or
visit EDC.ca/indo-pacific to learn more.