LAUSR

Abstract Canadian fisheries and aquaculture industry provide employment to a major part of the population in several coastal provinces of Canada. This review has summarized different species employed in commercial fishing and aquaculture industry, status of these industries' production observed in past few decades, and other aspects of Canadian fisheries. Similar to other food industries, these industries face a lot of vicissitudes, especially in production and commercial landings of fishes, which also significantly affects the local and global economy. However, valorisation of the underutilized and invasive species along with fishery byproducts and wastes generated from these industries can enhance the industry's value chain, which can improve the profitability of the products while simultaneously warding off low-cost competitors Valorisation and production of various high value pharmaceuticals/nutraceuticals (marine oils, omega-3 fatty acids, proteins, amino acids, enzymes, chitin, chitosan and astaxanthin etc.) from these resources can maximize the economic viability of the industry, while addressing issues of waste management and environmental sustainability. Currently, one of the most popular nutraceuticals, poly-unsaturated fatty acids mainly omega-3 fatty acids are obtained from marine fishes with high fat content and oil seeds. However, with increasing awareness about the beneficial effects of these fatty acids, growing demand and dosage requirements according to the ongoing in-vivo and in-vitro studies, nutraceutical supplements are being decidedly encouraged by nutritionists. High demand has motivated researchers for pursuing new sources of these fatty acids, improve existing extraction methods and develop more efficient methods for mass production and commercialisation. This review has also summarized traditional and new sources (corresponding industrial by-products) of omega-3 fatty acids, and extraction techniques with the potential of producing high quality omega-3 fatty acids, clinical effects of omega-3 fatty acids, and future aspects of research in this area.