$9.3bn
$X.Xbn
78,153
73,220
$XXX.Xm
Fishermen operate commercial fishing vessels and mostly catch finfish, shellfish and miscellaneous marine products for commercial sale. They sell their products to food processors and wholesalers. Right before the pandemic, high wages encouraged consumers to purchase expensive meats. Since meat is a substitute for fish, this hurt the industry. When COVID-19 hit, consumer spending and exports cratered, causing demand for fish to plunge. As the economy recovered, surging demand and supply chain disruptions have caused seafood prices to soar, providing operators with more sales. These disruptions have also caused fuel costs to rise, making it more expensive for fishermen to traverse the waters. Overall, revenue for fishermen in the United States is expected to decline at a CAGR of 2.9% during the current period, reaching $9.3 billion in 2023. Revenue is forecast to fall 3.0% in that year. The industry is expected to display a resurgence during the outlook period. Incomes are anticipated to increase steadily in the near future, which will boost demand for fish. More consumers will also become aware of the benefits fish have on brain and heart health, causing more people to shift their consumption from other types of meat. The dollar is also projected to depreciate, causing exports to surge. Overall, revenue for fishermen is forecast to creep upward at a CAGR of 0.5% during the outlook period, reaching $9.5 billion in 2028. Profit is expected to comprise 13.9% of revenue in that year.
Industry revenue has declined at a CAGR of 2.9 % over the past five years, to reach an estimated $9.3bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Trident Seafoods Corporation | 155.2 | 4.5 | 2.9 |
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Industry revenue is measured across several distinct product and services lines, including Shellfish, Finfish and Other. Shellfish is the largest segment of the Fishing in the US.
High inflation constrains spending on shellfish
Operators in the Fishing industry primarily catch finfish, shellfish and miscellaneous marine products for commercial sale with little to no alteration or further processing. Aquaculture is excluded, and companies that extract the bulk of their revenue through fish processing are also excluded.
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NAICS 11411 - Fishing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Revenue has fallen during the current period because of COVID-19, high demand for beef and rising fuel costs. The price of seafood surged during the pandemic recovery, which ...
Learn about an industry's products and services, markets and trends in international trade.
Spending on expensive fish has moved in separate directions. High inflation has reduced demand for shellfish, as it tends to be relatively pricey. Exotic fish such as eel and...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The west region has a massive coastline and includes states such as Alaska, Washington and California. Large exposure to the Pacific Ocean increases demand, making fishing at...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Fish are often caught by individual fishermen instead of big fishing companies, so there's a high prevalence of nonemployers in the industry. Large players find it more diffi...
Learn about the performance of the top companies in the industry.
Since anyone can fish, there's a high penetration of nonemployers in this industry. The existence of many sole proprietorships makes it difficult for large fishing companies ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Fishermen must contend with regulations relating to licensing, quotas, bags and gear. These rules are supervised and clarified by the National Oceanic and Atmospheric Adminis...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit has increased during the current period because the price of seafood has surged. Since input prices have risen, buyers are paying more for seafood, increasing sales an...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Fishing in the US industry in United States is $9.3bn in 2024.
There are 73,220 businesses in the Fishing in the US industry in United States, which has grown at a CAGR of 2.0 % between 2018 and 2023.
The market size of the Fishing in the US industry in United States has been declining at a CAGR of 2.9 % between 2018 and 2023.
Over the next five years, the Fishing in the US industry in United States is expected to grow.
The biggest company operating in the Fishing market in United States is Trident Seafoods Corporation
Catching finfish and Catching shellfish are part of the Fishing in the US industry.
The company holding the most market share in United States is Trident Seafoods Corporation.
The level of competition is moderate and increasing in the Fishing in the US industry in United States.