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    Seafood Processing Industry Profile

    Report Page Length: 10-12
    Last Quarterly Update: 4/5/2021
    SIC Codes: 2077, 2091, 2092
    NAICS Codes: 31171
    Chapters Include:
    Industry Overview Trends & Challenges Industry Forecast
    Quarterly Industry Update Call Prep Questions Website & Media Links
    Business Challenges Financial Information Glossary & Acronyms
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    Excerpt from Seafood Processing Industry Profile

    Companies in this industry clean and pack fresh seafood; can, freeze, and dry seafood; and process fish fats and oils. Major companies include Ocean Beauty Seafoods and Trident Seafoods (both headquartered in the US), as well as Dongwon Industries (South Korea), High Liner Foods (Canada), Icelandic Group (Iceland), Mowi (Norway), Japan's Maruha Nichiro Holdings and Nippon Suisan Kaisha, Nueva Pescanova (Spain), and Thai Union (Thailand).

    Global exports of seafood products total about $130 billion per year. The European Union is the largest seafood producer followed by China; the US, Japan, 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. Per-capita consumption is expected to increase in Brazil, Peru, Chile, China, and Mexico over the next decade.

    The US seafood processing industry consists of about 550 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $14 billion.

    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. The US industry is concentrated: the 50 largest companies account for about 75% of revenue.

    Imports of processed and canned seafood account for more than 20% of the US ...

     
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