U.S.: Seafood Product Market 2024

Seafood Product Market Size in the U.S.

The U.S. seafood product market totaled $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of X% from 2013 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the near future.

Seafood Product Production in the U.S.

In value terms, seafood product production declined modestly to $X in 2022. The total output value increased at an average annual rate of X% over the period from 2013 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2021, and then shrank in the following year.

Seafood Product Exports

Exports from the U.S.

In 2022, shipments abroad of seafood product increased by X% to X tons, rising for the second year in a row after seven years of decline. Over the period under review, exports, however, recorded a abrupt shrinkage. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, seafood product exports rose sharply to $X in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by X%. The exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

Canada (X tons) was the main destination for seafood product exports from the United States, accounting for a X% share of total exports. Moreover, seafood product exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), threefold. The third position in this ranking was taken by the UK (X tons), with an X% share.

From 2013 to 2022, the average annual growth rate of volume to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and the UK (X% per year).

In value terms, Canada ($X) remains the key foreign market for seafood product exports from the United States, comprising X% of total exports. The second position in the ranking was held by France ($X), with an X% share of total exports. It was followed by the UK, with a X% share.

From 2013 to 2022, the average annual growth rate of value to Canada amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average seafood product export price amounted to $X per ton, with an increase of X% against the previous year. In general, export price indicated a buoyant expansion from 2013 to 2022: its price increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, seafood product export price increased by X% against 2015 indices. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (X%), while the prices for the other major destinations experienced more modest paces of growth.

Seafood Product Imports

Imports into the U.S.

In 2022, seafood product imports into the United States expanded significantly to X tons, picking up by X% on the previous year. The total import volume increased at an average annual rate of X% from 2013 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, seafood product imports skyrocketed to $X in 2022. In general, total imports indicated a prominent expansion from 2013 to 2022: its value increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Thailand (X tons) constituted the largest supplier of seafood product to the United States, accounting for a X% share of total imports. Moreover, seafood product imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Vietnam (X tons), with a X% share.

From 2013 to 2022, the average annual growth rate of volume from Thailand totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Vietnam (X% per year).

In value terms, Thailand ($X), Indonesia ($X) and Vietnam ($X) constituted the largest seafood product suppliers to the United States, with a combined X% share of total imports. China, Japan, Canada, Ecuador, the Philippines, Chile, India, Mexico, Poland and Morocco lagged somewhat behind, together accounting for a further X%.

Japan, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average seafood product import price stood at $X per ton in 2022, growing by X% against the previous year. Over the period from 2013 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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