- ID: 1052463
- August 2016
- Region: United States
- 10 pages
- First Research
Brief Excerpt from Industry Overview Chapter:
Companies in this industry clean and pack fresh seafood; can, freeze, and dry seafood; and process fish fats and oils. Major companies include StarKist and Trident Seafoods (both headquartered in the US), as well as High Liner Foods (Canada), Icelandic Group (Iceland), Marine Harvest (Norway), Maruha Nichiro Holdings (Japan), Pescanova (Spain), and Thai Union (Thailand).
Global exports of seafood products total about $130 billion per year. China is the largest seafood producer; Japan, the US, 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. Brazil, Mexico, and Egypt have emerged as key import markets in recent years.
The US seafood processing industry consists of about 500 companies with combined annual revenue of about $12 billion.
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 concentrated: the 50 largest companies account for about 75% of revenue.
Imports of processed and canned seafood account for about 20% of the US market. Major sources of imports include Thailand, China, and Indonesia.
Quarterly Industry Update
Call Preparation Questions
Web Links and Acronyms