Seafood Processing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 9/19/2022
SIC Codes: 2077, 2091, 2092
NAICS Codes: 31171
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Seafood Processing Industry Profile

Companies in this industry clean and pack fresh seafood; can, freeze, and dry seafood; and process fish fats and oils. Major companies include Ocean Beauty Seafoods and Trident Seafoods (both based in the US), as well as Dongwon Industries (South Korea), High Liner Foods (Canada), Icelandic Seafood (Iceland), Maruha Nichiro Holdings and Nissui (both based in Japan), Mowi (Norway), Nueva Pescanova (Spain), and Thai Union (Thailand).

The global seafood market is forecast to reach about $160 billion by 2023, according to Statista. The European Union is the largest seafood producer followed by China; the US, Japan, and China are the largest import markets. Seafood consumption is increasing in developing nations with rising incomes, particularly in the Asia/Pacific region and Latin America. Per-capita consumption is expected to increase in Brazil, Peru, Chile, China, and Mexico over the next decade.

The US seafood processing industry consists of about 600 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $15 billion.

COMPETITIVE LANDSCAPE

Demand is driven by trends in fish consumption. The profitability of individual companies depends on operational efficiencies. Large companies often enjoy the advantages of vertical integration and have economies of scale in purchasing and marketing. Small companies can compete effectively by specializing in niche markets. The US industry is highly concentrated: the 50 largest companies account for about 80% of revenue.

Imports of processed and canned seafood account ...

 
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