Fishing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: April 2023
NAICS 11411Revenue
$9.3bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
78,153
Businesses
73,220
Wages
$XXX.Xm
Fishing in the US industry analysis
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.
Trends and Insights
- 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 helped stem some of the revenue decline.
- 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 octopus has become more popular among wealthy consumers, so spending on them has surged in recent years.
- 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 attractive in the region.
- 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 difficult to gain market share when there are many nonemployers, so the fishing industry has a low market share concentration.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 2.9 % over the past five years, to reach an estimated $9.3bn in 2023.
Trends and Insights
High demand for beef constrained revenue
- In the years before the pandemic, rapid economic growth caused incomes to surge and wages to reach record highs.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Rising incomes will boost demand for fish
- Despite challenges from inflation, recessionary fears and rising interest rates, growth is expected to return during the outlook period.
Biggest companies in the Fishing in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Trident Seafoods Corporation | 155.2 | 4.5 | 2.9 |
To view the market share and analysis for all 1 top companies in this industry, view purchase options.
Products & Services Segmentation
Fishing in the US
Products & Services
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.
Trends and Insights
High inflation constrains spending on shellfish
- Shellfish comprises a significant portion of revenue and includes crabs, lobsters, clams, scallops, shrimp and other types of fish.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Fish & Seafood Aquaculture in the US
- Hunting & Trapping in the US
Complementors
- Seafood Preparation in the US
- Fish & Seafood Wholesaling in the US
International industries
- Global Ship & Boat Building
- Global Deep-Sea, Coastal & Inland Water Transportation
- Global Tourism
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Catching finfishCatching shellfishCatching other marine speciesCompanies
Trident Seafoods CorporationPurchase this report to view all 1 major companies in this industry.
Related Terms
OVERFISHINGFINFISHCRUSTACEANSIndustry Code
NAICS 11411 - Fishing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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 ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
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...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
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...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
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...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
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 ...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Trident Seafoods Corporation's performance by revenue, market share and profit margin from 2017 through 2023
Detailed analysis
- Description and key data for Trident Seafoods Corporation, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
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...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
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...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
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:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Fishing in the US industry in United States in 2024?
The market size of the Fishing in the US industry in United States is $9.3bn in 2024.
How many businesses are there in the Fishing in the US industry in 2023?
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.
Has the Fishing in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Fishing in the US industry in United States over the next 5 years?
Over the next five years, the Fishing in the US industry in United States is expected to grow.
What are the biggest companies in the Fishing in the US market in United States?
The biggest company operating in the Fishing market in United States is Trident Seafoods Corporation
What does the Fishing in the US in United States include?
Catching finfish and Catching shellfish are part of the Fishing in the US industry.
Which companies have the highest market share in the Fishing in the US in United States?
The company holding the most market share in United States is Trident Seafoods Corporation.
How competitive is the Fishing in the US industry in United States?
The level of competition is moderate and increasing in the Fishing in the US industry in United States.
