Seafood Processing Industry Profile

The US seafood processing industry consists of about 550 companies with combined annual revenue of about $10 billion. Major companies include American Seafoods, Bumble Bee Foods, Icicle Seafoods, Starkist, and Trident Seafoods. The industry is concentrated: the 50 largest companies account for about 70 percent of revenue. Some companies in the industry engage in seafood distribution as well as processing.

Global exports and imports of seafood products each total about $100 billion. Due to the perishable nature of fish, about 90 percent of internationally traded seafood is processed, according to the United Nations Food and Agriculture Organization (FAO). China is the largest seafood producer; Japan, the US, and the EU are the largest markets. Major seafood processors outside the US include Maruha Nichiro Holdings (Japan), Nippon Suisan Kaisha (Japan), Thai Union (Thailand), Pescanova Alimentación (Spain), and Icelandic Group (Iceland).

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.

Imports of processed and canned seafood account for about 20 percent of the US market. Major sources of imports include Thailand, China, and Indonesia. Canada and the UK are major markets for US exports of processed and canned seafood, which account for about 4 percent of ...