US fishing market led by American Seafoods
2012-11-23 17:58:29 - US fishing market led by American Seafoods
The US fishing market has seen a compound annual growth rate (CAGR) of 3% over the past six years, recording a 17% overall expansion to reach US$21.9 billion in 2012.Restaurants, bars and canteens remained the primary customer group in 2012, accounting for 30% of all business-to-business purchases, increasing their spending on the fishing industry by 15% over the 2006-2012 period.During
the past few years, falling household wealth has had a significant negative effect on the fishing industry. As families and individuals tightened their budgets, the volume of fish and seafood sold dropped significantly in 2008 and 2009 in favour of less expensive protein sources such as chicken, pork and beef.The negative effects of the recession have affected the quality of purchases as well. Purchases of higher-quality seafood have declined strongly as Americans substituted quality fresh fish with more frozen, canned or other lower-quality varieties. Industry profitability has also taken a plunge, as lower sales of value-added products squeezed industry margins.American Seafoods is one of the largest integrated seafood companies in the US in terms of revenues. The company harvests and processes a variety of fish species aboard in catcher-processor vessels, freezer-longliner vessels and at its land-based processing facilities.In the US, American Seafoods is the largest harvester and at-sea processor of pollock and hake. American Seafoods also harvests and processes additional seafood, including cod, scallops and yellowfin sole.The US fishing industry, despite being vibrant and diverse, currently meets less than one half of domestic demand for seafood. However, there is room for the US fishing industry to grow. The National Marine Fisheries Service is working to develop a new national policy for sustainable marine aquaculture that will help narrow the trade gap and strengthen the entire fishing industry in the country.Therefore, over 2013-2018 the US fishing industry is expected to continue increasing at an average annual rate of nearly 5% to reach US$10.5 billion by 2018.For more information on the US fishing market, see the latest research: US Fishing MarketFollow us on Twitter @CandMResearch
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