$15.3bn
$XXX.Xm
33,278
3,100
$X.Xbn
Seafood producers have been navigating unsteady economic conditions, reflected in heightened revenue volatility. As the pandemic hit, seafood prices began to grow. Producers initially struggled to reach end buyers, as distribution channels endured disruptions and food service markets shrunk. The easing of pandemic-related restrictions resulted in a short-lived spike in sales, as consumer demand for seafood surged and producers used the opportunity to pass on mounting seafood prices. In the pandemic's wake, seafood consumption eased but prices remained high, putting producers in a difficult position. Revenue has been shrinking at a CAGR of 2.1% and is expected to reach $15.3 billion in 2024 when it will expand 0.7%.
Industry revenue has declined at a CAGR of 2.1 % over the past five years, to reach an estimated $15.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Trident Seafoods Corporation | 3,045.0 | 92.1 | 3.0 |
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Industry revenue is measured across several distinct product and services lines, including Prepared frozen fish , Prepared fresh fish and other fresh seafood and Prepared frozen shellfish. Prepared frozen fish is the largest segment of the Seafood Preparation in the US.
Prepared frozen fish remains popular but is sliding behind the pack
This industry is involved in canning, smoking, salting, drying, freezing and packing fish and shellfish. Industry operators also eviscerate fish (remove parts from fish), shuck shellfish (remove their shells) and process fish and shellfish fats and oils. This industry also includes floating factory ships, also known as fish processing vessels, that are engaged in shipboard seafood processing. The term seafood processing is used to describe these activities as a whole.
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NAICS 31171 - Seafood Preparation 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.
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Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Seafood Preparation in the US industry in United States is $15.3bn in 2024.
There are 3,100 businesses in the Seafood Preparation in the US industry in United States, which has grown at a CAGR of 1.4 % between 2019 and 2024.
The market size of the Seafood Preparation in the US industry in United States has been declining at a CAGR of 2.1 % between 2019 and 2024.
Over the next five years, the Seafood Preparation in the US industry in United States is expected to grow.
The biggest company operating in the Seafood Preparation market in United States is Trident Seafoods Corporation
Canning fish, crustaceans and mollusks and Manufacturing fresh and frozen seafood dinners are part of the Seafood Preparation in the US industry.
The company holding the most market share in United States is Trident Seafoods Corporation.
The level of competition is high and steady in the Seafood Preparation in the US industry in United States.