U.S.: Seafood Product Market 2024

Seafood Product Market Size in the U.S.

In 2023, the U.S. seafood product market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The market value increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Over the period under review, the market attained the maximum level at $X in 2022, and then fell slightly in the following year.

Seafood Product Production in the U.S.

In value terms, seafood product production reduced to $X in 2023. The total output value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2022, and then contracted in the following year.

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Seafood Product Exports

Exports from the U.S.

After two years of growth, shipments abroad of seafood product decreased by X% to X tons in 2023. In general, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

In value terms, seafood product exports shrank to $X in 2023. Over the period under review, exports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2022, and then reduced in the following year.

Exports by Country

Canada (X tons) was the main destination for seafood product exports from the United States, with a X% share of total exports. Moreover, seafood product exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), twofold. Australia (X tons) ranked third in terms of total exports with a X% share.

From 2013 to 2023, 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 Australia (X% per year).

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

From 2013 to 2023, the average annual rate of growth in terms of value to Canada stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Australia (X% per year).

Export Prices by Country

The average seafood product export price stood at $X per ton in 2023, reducing by X% against the previous year. Overall, export price indicated noticeable growth from 2013 to 2023: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 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. The export price peaked at $X per ton in 2022, and then fell in the following year.

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

From 2013 to 2023, 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 2023, approx. X tons of seafood product were imported into the United States; dropping by X% compared with 2022. The total import volume increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, seafood product imports contracted sharply to $X in 2023. Overall, total imports indicated a perceptible increase from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of X%. Imports peaked at $X in 2022, and then declined dramatically in the following year.

Imports by Country

In 2023, Thailand (X tons) constituted the largest supplier of seafood product to the United States, with 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. Vietnam (X tons) ranked third in terms of total imports with a X% share.

From 2013 to 2023, the average annual growth rate of volume from Thailand was relatively modest. 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) were the largest seafood product suppliers to the United States, together comprising X% of total imports. China, Japan, Canada, Ecuador, India, the Philippines, Chile, Mexico, Senegal and South Korea lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Senegal, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 2023, which is down by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2022, and then shrank slightly in the following year.

Prices varied noticeably by country of origin: 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 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform