U.S. Seafood Market Report 2017
We are pleased to present the latest in our series of Seafood Market Reports. The seafood industry is one of the mainstays of the Icelandic economy. Marine products have historically been one of the country’s leading export sectors and the fishing industry remains at the heart of Icelandic culture.
Íslandsbanki has a long history of servicing the domestic and international seafood industry. The Bank financed the first Icelandic motorized trawler in 1904 and loans to the seafood industry currently represent around 20% of the Bank’s corporate loan portfolio. In 2013, we published a Seafood Market Report on the North Atlantic region, which forms the foundation for the Bank’s overseas strategy. In subsequent reports, we provided regional overviews of the seafood industries in the U.S. and Canada.
This year’s report focuses on trade flows for key import and export species in the U.S. Through these reports, we strive to provide insights into the trends and issues shaping the industry. For additional information about Íslandsbanki’s seafood industry services and to read prior reports, please visit our website.
- Global seafood production continues to grow at a faster rate than the world population, driven by increased aquaculture production.
- The U.S. was the fifth largest seafood producer in the world in 2015 and is one of the most important markets for seafood. The U.S. was ranked third by wild caught volume.
- Since 1990, total commercial landings have averaged 4.3 million metric tons while the value of U.S. landings has steadily increased due to rising prices.
- The U.S. is the fifth largest export country; however, the majority of seafood consumed in the U.S. is imported.
- The largest export species in terms of value are Alaska pollock, salmon and lobster. The United States’ largest export markets are Canada and China. The value of exported seafood to each of these countries exceeds $1 billion and together they account for almost 40% of total export value.
- Shrimp is by far the largest import species, followed by salmon and crab. Imports of tuna, the fourth most valuable import species, have gradually declined since 2010.
- Canada and China are the country’s largest seafood suppliers. Imports from Thailand have decreased since 2011 while imports from Chile, India and Viet Nam have been increasing.
Do you want to know more? View or download the full report below by clicking on the "Download Report" button.