The United States Seafood market is expected to grow from US$ 53.56 billion in 2023 to reach US$ 69.95 billion by 2032, with a CAGR of 3.01 % from 2024 to 2032. The primary factors propelling the market expansion are the increasing demand for food products high in protein and the growing health consciousness of consumers.
United States Seafood Overview
Eating aquatic animals that are part of a wide variety of culinary traditions is referred to as seafood. Anchovies, bass, pomfrets, bluefish, carp, cod, flounder, haddock, halibut, herring, mahi-mahi, salmon, sardines, trout, and tuna are among the many fish that fall into this category. It also includes a variety of crustaceans and shellfish, including clams, abalone, conch, oysters, scallops, calamari, crayfish, lobster, prawns, and shrimp.
Seafood also includes caviar, which is the roe or unfertilized eggs from the sturgeon family. It also strengthens the immune system, improves calcium absorption, and encourages the development of strong bones. Eating seafood lowers the risk of neurodegenerative diseases such amyotrophic lateral sclerosis, Parkinson's disease, and Alzheimer's disease. This improves brain health. Seafood is becoming more and more popular because of its benefits for eyesight and decreased risks associated with eye conditions.
Growth Drivers for the United States Seafood Market
Market expansion is being driven by rising production potential to offset rising demand for leaner protein sources and lessen reliance on imports.
With a total value of USD 9.06 billion, the United States produced 7.8 million tons of fish in 2022 (including mollusks and crustaceans). Fisheries accounted for 83% of this value, with aquaculture contributing for 17%. The fact that the US is a net importer of fish and fish products is a significant role in this situation. The government has demonstrated its support for local production through a number of initiatives and policies.
To prevent overfishing, US regulators-imposed limitations on gear and vessel power, as well as season-long and total permissible catch limits. Fishermen therefore developed new tools and techniques to get above these restrictions.
The economy of the nation is significantly influenced by the fisheries sector. The world's largest importer of fish and fisheries products, the United States plays a significant role in aquaculture worldwide. Additionally, it offers a variety of state-of-the-art technologies, feed, equipment, and investment capital to other manufacturers across the globe. Between 70 and 85 percent of the seafood eaten in the United States is imported, with aquaculture producing more than half of it.
Awareness of health
As customers become more aware of the nutritional advantages of seafood, health consciousness plays a significant role in the expansion of the seafood business in the United States. Omega-3 fatty acids, which are abundant in seafood, have been shown to improve cognitive function, lower inflammation, and support heart health. It also offers lean protein, which is necessary for the development and repair of muscles, and is an excellent source of vitamins and minerals like selenium, iodine, and vitamin D. An increased understanding of the health advantages is encouraging more people to include seafood in their diets as part of a well-rounded and nutrient-dense eating plan. Consequently, there is a growing market for fish goods due to people's desire for healthier dietary options and growing attention to their general well-being.
Florida Seafood Industry
The state's economy heavily depends on the seafood sector in Florida, which is renowned for its wide range of products and significant economic influence. Florida is a major player in the U.S. seafood industry thanks to its long coastline and access to the Atlantic and Gulf of Mexico. The sector produces a wide range of fresh and varied goods, including shrimp, grouper, snapper, and oysters. It also includes commercial fishing, aquaculture, and seafood processing.
Due to Florida's advantageous climate and strategic position, which support a wide diversity of seafood species, the state's commercial fishing industry is thriving. The fishermen in the state are renowned for using sustainable methods, making sure that their activities abide by laws intended to protect maritime ecosystems. The industry's long-term survival is supported by this emphasis on sustainability, which also serves to preserve the health of fish populations.
A developing sector of Florida's seafood market is aquaculture. In order to improve farmed seafood production, lessen dependency on wild capture, and address issues with seafood supply, the state has made investments in the development of technologies and methods. This involves the production of species that are essential for satisfying domestic demand, such as farmed shrimp and oysters.
Apart from the commercial and aquaculture activities, the seafood processing industry in Florida is significant. Processing facilities prepare, package, and distribute goods to local, national, and international markets, adding value to raw fish. All things considered, the seafood sector in Florida not only creates jobs and generates export income for the state, but it also fosters a diverse culinary scene and a maritime legacy.
United States Seafood Company Analysis
The major participants in the United States Seafood market includes Admiralty Island Fisheries Inc., Beaver Street Fisheries, High Liner Foods Inc., Inland Seafood Inc., Mowi ASA, NH Foods Ltd, Sysco Corporation, Thai Union Group PCL.
United States Seafood Company News
In May 2023, Trident Seafood Corporation and Copper River Prince William Sound Marketing Association have partnered to launch a new line of prized fish products on the US market.
In April 2023, Jefferson Parish is home to the new location that Inland Seafood established. They brought 55 jobs to Jefferson Parish by investing over USD 4 million to buy and renovate a 14,000-square-foot property in Elmwood.
In January 2023, Lonestar Seafood, headquartered in Texas, was purchased by Inland Seafood in order to grow their business in the western region of the US. The Texas-based provider has a stellar reputation for providing high-quality lobsters.
Form - Industry is divided into 4 viewpoints:
1. Fresh
2. Frozen
3. Ambient
4. Canned & Processed Seafood
Type - Industry is divided into 4 viewpoints:
1. Fish
2. Crustaceans
3. Molluscs
4. Others
Application - Industry is divided into 3 viewpoints:
1. Retail
2. Institutions
3. Food Service
States: Industry is divided into 29 Countries
- California
- Texas
- New York
- Florida
- Illinois
- Pennsylvania
- Ohio
- Georgia
- New Jersey
- Washington
- North Carolina
- Massachusetts
- Virginia
- Michigan
- Maryland
- Colorado
- Tennessee
- Indiana
- Arizona
- Minnesota
- Wisconsin
- Missouri
- Connecticut
- South Carolina
- Oregon
- Louisiana
- Alabama
- Kentucky
- Rest of United States
All companies have been covered with 5 Viewpoints
1. Overview
2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight
Company Analysis
1. Admiralty Island Fisheries Inc.
2. Beaver Street Fisheries
3. High Liner Foods Inc.
4. Inland Seafood Inc.
5. Mowi ASA
6. NH Foods Ltd
7. Sysco Corporation
8. Thai Union Group PCL
Key Questions Answered in Report:
1. How big is the United States Seafood industry?
2. What is the United States Seafood industry growth rate?
3. Who are the key players in United States Seafood industry?
4. What are the factors driving the United States Seafood industry?
5. Which Region held the largest market share in the United States Seafood industry?
6. What segments are covered in the United States Seafood Market report?
Table of Contents
Companies Mentioned
- Admiralty Island Fisheries Inc.
- Beaver Street Fisheries
- High Liner Foods Inc.
- Inland Seafood Inc.
- Mowi ASA
- NH Foods Ltd
- Sysco Corporation
- Thai Union Group PCL
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 53.56 Billion |
| Forecasted Market Value ( USD | $ 69.95 Billion |
| Compound Annual Growth Rate | 3.0% |
| Regions Covered | United States |
| No. of Companies Mentioned | 8 |
