Atlantic Canada’s largely salmon-based aquaculture industry continues to expand significantly due to new investment, according to the latest Report Card by the Atlantic Provinces Economic Council (APEC). While global demand for farmed seafood is increasing, the region’s aquaculture industry must continue to adapt to cope with the strong Canadian dollar, fish disease, increasing competition and environmental concerns.

“Aquaculture is the fastest growing source of food production in the world and Atlantic Canada is benefiting from this industry’s rapid growth,” says APEC Research Analyst Patrick Brannon.

The APEC report examins trends in the region’s aquaculture-related production, which more than doubled in value from $160 million in 1996 to $356 million in 2010. The industry accounted for nearly 2,500 direct jobs in 2007 and another 2,200 through spinoff industries.

“The aquaculture industry is particularly important in several rural regions with high unemployment, where it provides much-needed work,” Brannon says.

New Brunswick’s aquaculture industry has traditionally been the region’s largest, with production valued at $168 million in 2010. Private investment has helped Newfoundland and Labrador’s aquaculture industry grow rapidly from less than $20 million in 2003 to more than $116 million in 2010. New investment in Nova Scotian aquaculture is positioning the industry for future growth from the $41 million in 2010 activity. Though Prince Edward Island’s aquaculture industry is Atlantic Canada’s smallest, generating $30 million in 2010, it has carved out a niche in mussels and oysters, compared to the rest of the region’s focus on Atlantic salmon.

Firms in Atlantic Canada need to improve competitiveness through research, investment in infrastructure, productivity improvements and a sales focus on fast growing markets while at the same time minimizing their environmental impact. A fully integrated sector that includes productive growers and processors, strong supporting industries and linkages to universities and research institutes is needed to maximize the benefits of the industry in Atlantic Canada and enhance its competitive position in the global food products industry.

Transcontinental Media