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Seafood Preparation in the US - Industry Market Research Report

Seafood Preparation in the US - Industry Market Research Report

  • February 2018
  • 38 pages
  • ID: 198664

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Big fish: Domestic demand for seafood is expected to rise as disposable income grows

Abstract

Seafood Preparation in the US
Though the Seafood Preparation industry has grown over the five years to 2017, several factors prohibited larger gains. The vast appreciation of the US dollar has made exports relatively more expensive and increasing domestic harvests have lowered per-unit prices. However, these have generally been outweighed by positive trends. Firstly, eating trends have prompted consumers to purchase more seafood, which is often considered a healthier protein option than most poultry and red meat. Secondly, growing disposable income has made it easier for consumers to afford this higher-end seafood and the passing of legislation outlawing the importation of seafood products harvested using slave labor has limited the supply of legal products coming from foreign sellers, putting more of a focus on domestic seafood. Over the five years to 2022, domestic demand for seafood is expected to rise as disposable income grows, and the availability of fish and shellfish inputs are expected to increase due to increased aquaculture production and harvest totals. Finally, rising downstream demand from wholesalers, fish markets and supermarkets will be a boon to industry businesses.

This industry is involved in canning, smoking, salting, drying, freezing and packing fish and shellfish. Industry operators also eviscerate fish (remove parts from fish), shuck shellfish (remove their shells) and process fish and shellfish fats and oils. This industry also includes floating factory ships, also known as fish processing vessels, that are engaged in shipboard seafood processing. The term seafood processing is used to describe these activities as a whole.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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