Commercial Fishing Industry Profile

The US commercial fishing industry includes about 2,000 companies with combined annual revenue of more than $4 billion. No major companies dominate the industry, which is highly fragmented.

Global exports and imports of seafood products each total about $100 billion. Japan, the US, and the EU are the major markets for seafood. Seafood consumption and international trade are expected to grow modestly as the global economy recovers and consumer expenditures increase.

The commercial fishing industry includes the wild catching of finfish, shellfish, and other marine products from their natural habitat. Seafood processing and distribution and fish farming (aquaculture) are covered in separate industry profiles.

COMPETITIVE LANDSCAPE

Demand is driven by domestic trends in fish consumption and competition from imports. The profitability of individual companies depends on maximizing yield without depleting stocks. Industrial fisheries have advantages in fleet size and access to experienced crew members. Small-scale and “artisan” fisheries can compete effectively by serving a local market or by specializing in ultra-fresh fish. The industry is capital-intensive: average annual revenue per employee is about $690,000.

Imports of fresh and frozen fish account for about 98 percent of the US market. About two-thirds of imports come from China, Canada, Thailand, Indonesia, and Vietnam. Exports account for about 95 percent of US fish production. Primary export markets are Canada, China, and Japan.

PRODUCTS, OPERATIONS & TECHNOLOGY

Industry revenue is evenly split between shellfish and finfish. Major shellfish products are ...