The Gross Value Added (GVA) in the US seafood sector stood at $4.05 billion in 2023. Over the past decade, the sector experienced fluctuations with significant declines in 2014 and 2020. Recent data show that the GVA rebounded modestly by 2.13% in 2022 and 1.02% in 2023. From 2019 to 2023, the sector had an average annual decline of 1.05%. Despite recent variability, the forecast projects a gradual improvement with the GVA expected to reach $4.24 billion by 2028, reflecting a 5-year CAGR of 0.76%.
Future trends to watch for:
- Technological advancements in aquaculture.
- Increasing consumer demand for sustainable seafood.
- Potential impacts of climate change on marine ecosystems.
- Regulatory changes affecting the seafood industry.
