In this article, we will be analyzing the fish industry while covering the most consumed fish in the country. If you want to skip our detailed analysis, you can go directly to the 5 Most Consumed Fish in the US.
The Global Fish Market
According to a report by Mordor Intelligence, the global fish market is expected to grow from $1.04 trillion in 2023 to $1.19 trillion by 2028, at a compound annual growth rate of 2.60% over the forecast period. In 2022, FAO reported that the aquatic food production in the world will increase by 15% by 2030.
The rapidly growing fish consumption around the world can be attributed to several factors. People nowadays tend to consume protein diets which are rich in vitamins and fish is a prime example of such a diet. Other than the health benefits, the distribution systems have improved so much that imports and exports of fish can be noticed all around the world. Governments have also been offering support in terms of exports. Fish has also entered into a luxury food category where restaurants serve it as an exotic offering and hence people worldwide dine in restaurants to have prawns, tuna sandwiches, and sushi.
AquaBounty Technologies, Inc. (NASDAQ:AQB), Pingtan Marine Enterprise (NASDAQ:PME) Ltd., and Marine Harvest ASA (NYSE:MHG) are among the renowned players in the global fish market. AquaBounty Technologies, Inc. (NASDAQ:AQB) farms shellfish, fish, and crustaceans. It is also known for producing genetically modified fish such as hybrid salmon, trout, and tilapia. Pingtan Marine Enterprise (NASDAQ:PME) Ltd. does fishing through its self-owned vessels in the Arafura Sea of Indonesia and the Indian Exclusive Economic Zone. It is one of the largest US-listed marine companies. Marine Harvest ASA (NYSE:MHG) is a Dallas-based fish company that owns patented proprietary technology to produce shrimps without any chemicals or preservatives. Hence, it contributes to eco-friendly and sustainable fishing practices.
The US Fish Industry
According to a report by the National Oceanic and Atmospheric Administration, there were 8.6 billion pounds of commercial fish caught by fisheries in the United States in 2021.
The regional insights for the fish market in the United States reflect interesting trends. The main states where fisheries catch fish are Alaska, the Gulf, New England, Hawaii, the South Atlantic, the Pacific Coast, and the Middle Atlantic. Out of these, the three areas dominating the fish market are Alaska, the Gulf, and the Pacific Coast. Alaska contributes to 61.5% of the total fish volume in the country. The gulf comes second, bearing 13.3% of the fish caught. Moreover, 11.23% of the fish volume comes from the Pacific Coast.
The fish caught in the country is used for several purposes. 78% of this fish which is more than half of the total volume is consumed as fresh or frozen. A smaller 15% is converted into oils. The remaining minor portion is used either for preparing canned human food or animal food.
Recent Trends and Challenges
Recreational fishing has been on the rise in the United States. Opposite to commercial fishing which is done for profit, this kind of fishing activity is more of a hobby or a pastime for leisure. The most common form of recreational fishing is angling where the fish is caught through a hook and line. This trend has increased since the pandemic hit the world. On August 23, 2021, the United States Geological Survey reported that fishers regarded angling as something that relieved stress for them during the pandemic at a low cost. Although this low cost comprises many small expenditures like buying fishing essentials or traveling to a place to fish, the fishing activities boomed during the pandemic which is also evident from the increase in the fishing license issues during that period.
There has been a lot of emphasis on sustainable fishing practices. Hence, there is increasing pressure on fishing firms to produce, process, and distribute seafood in a sustainable manner. The concept of Blue Economy comes into existence here. Blue Economy basically refers to all the activity regarding oceans, seas, and shores. Also inculcated in the Sustainable Development Goals by the United Nations under the heading ‘life under water’, this concept of striking a balance between earning profits and caring about concerns such as marine life and climate risks is growing more popular in this industry.
In order to pursue sustainability, inter-industry partnerships have been a norm. The Shrimp Conference is one such example. Based in the Netherlands, the Global Shrimp Forum Foundation connects all stakeholders in the shrimp industry including fishers, brands, and retailers to network and discuss their concerns. However, fishers in countries like the Philippines and Ghana operate on a small scale. On this scale, they cannot afford to invest much capital in a responsibility as big as sustainability. They also don’t have the right training and awareness regarding environmental concerns.
The US fish market is also subjected to issues in the supply chain. On February 20, the National Provisioner reported that 80 to 85% of the fish demand in the US is from imports. These imports cannot be as efficient in meeting the fluctuating demand due to longer lead times for products being transported across the globe. Furthermore, companies have to pay high holding costs to store seafood at the ports once their warehouses are fully occupied.
Fish Imports For the US
In June 2022, the University of Florida published the economic contribution of seafood imports for the US economy. It reported that the US imports large quantities of fish, each of which serves a different purpose and proceeds through its own journey. Among different fish species, shrimp imports topped the numbers. Most of the shrimp are imported in peeled form and some as shell. The processed shrimp imports are comparatively less. Salmon serves to be the second-highest fish import in the country. The majority of salmon is imported in the form of a fillet which could be both fresh or frozen. Following salmon imports are crab and lobsters which are mainly imported in more frozen than canned forms.
These imports have a significant implication on the US economy. The sectors of the US economy benefitting most from these fish imports are retail, seafood packaging, and restaurants. These imports generate a revenue of $10 billion for food and beverage stores. Full-service restaurants receive $4.7 billion from the use of this imported fish. Moreover, $3.6 billion is earned by limited-service restaurants. The seafood preparation and packaging industry generates $4 billion from these imports.
Major Players
The major players in the US fish market include both international and domestic companies that are involved in fish production, processing, packaging, or retail. Some of the most notable names in this market include High Liners Food Inc. (TSE:HLF), Sysco Corporation (NYSE:SYY), Trident Seafood Corporation, Admiralty Island Fisheries Inc., and Thai Union Group PCL (BKK:TU). Let’s take a look at each of them.
High Liners Food Inc. (TSE:HLF), is a leading North American processor of value-added frozen seafood. It sells its retail branded products in different grocery stores and supermarkets in the United States under four labels namely High Liner, Fisher Boy, Mirabel, Sea Cuisine, and Catch of the Day. With three processing plants located in Lunenburg, Nova Scotia Portsmouth, New Hampshire and Newport News, and Virginia, it supplies frozen fish to restaurants. With the goal of ‘changing the way we see food’, the company strives to supply food that is easy to prepare and unique in taste as well. On July 1, the company reported that it earned $254.3 in revenue in the second quarter of 2023, as compared to last year’s $253.5. The limited growth was attributed to the cost of holding larger inventories to fulfill the shortages that had resulted during the pandemic.
Sysco Corporation (NYSE:SYY) sells and distributes food products to different food chains, retailers, restaurants, and educational facilities through 25 production facilities in the US. The company’s subsidiaries ‘Trinity Pride’ and ‘Incredible Fish’ help it source fish products to different parts of the world including the United States. On the contrary, Buckhead and Newport are the company’s brands that supply meat. On August 1, Reuters also reported that Sysco Corporation (NYSE:SYY) has been struggling with cost pressures as consumers have begun to spend more on necessary products than on custom-cut seafood. In this regard, the company cannot even raise prices because the customers are price-sensitive and they can’t afford to lose more.
Trident Seafoods is a family-owned seafood business that emerged from fishermen in Alaska catching fish to serve the US market. It currently has its facilities in 48 states of the US. Outside America, the company serves China, Germany, and Europe. On August 15, Morningstar reported that Trident Seafoods will be shifting its plant from Dakuten to Unalaska in 2025 rather than in the previously projected 2024 since they see better opportunities in Unalaska and can no longer bear the high cost of operations. Expressing the current vulnerability of Trident Seafoods to rising inflation, regulatory conditions, and low consumer demand, here’s what the CEO, Joe Bundrant, said:
“I’ve been in the industry a long time and I’ve never seen markets like this. The rate and pace at which markets are collapsing across our key species is staggering. Not only are global inventories and operating costs high, but demand is low, and some are selling at or below cost just to generate cash.”
Admiralty Island Fisheries Inc. is one of the top North American frozen seafood brands responsible for the processing and distribution of wild Alaskan seafood in the United States. It has also been certified by the Stewardship Council for engaging in fishing responsibly. Products offered include salmon, halibut, black cod, and crab. Selling under the trademark ‘AquaStar’, the company serves 17 countries.
Another player dominating the US market, Thai Union Group PCL (BKK:TU), is a global seller of seafood. It has its facilities in countries such as the US, France, Germany, Ghana, Poland, Portugal, Norway, Scotland, Vietnam, and Thailand. The products offered include tuna, shrimp, sardines, mackerel, salmon, pet food, and prepared foods. Thai Union Group PCL (BKK:TU) has been ranked number 1 on the Dow Jones Indices for Sustainability. It has also been successful in earning the title of awarded ‘Environmental & Social Management (ESRM) Pioneer’ for being responsible in risk management practices.
Now that we have reviewed the US fish industry and some global market players, let’s look at the 25 most consumed fish in the US.
Methodology
In order to rank the 25 most consumed fish in the US, we sourced data from the database of The National Oceanic and Atmospheric Administration (NAOO) Fisheries, a US government agency that reports on the marine situation in the country. For this purpose, we utilized the ‘Processed Foods’ on NAOO Fisheries which states that Processed Foods refer to “any fishery product or other food product which has been altered or preserved by any recognized commercial process, including, but not limited to, filleting, canning, freezing, dehydrating, drying, the addition of chemical substances, or by fermentation”. As reported by NOAA’s Seafood Inspection Program, it certifies all edible product forms ranging from whole fish to formulated products, as well as fish meal products used for animal foods. This implies that processed fish products are available for consumption. Hence, we have considered the processed weight of Processed Foods as our metric, measured in pounds, as of 2021. Finally, we have ranked the 25 most consumed fish in the US in ascending order of their processed weight as follows:
25 Most Consumed Fish in the US
25. American Lobster
Processed Weight as of 2021: 11,407,093 Pounds
American Lobster is one of the most consumed fish in the US, located on the Atlantic Coast of North America. It is used in dishes like New England clam chowder and lobster roll. It is mostly found on the rocky bottoms of oceans.
24. Dungeness Crab
Processed Weight as of 2021: 17,897,820 Pounds
Situated on the West coast of North America is another widely consumed US fish product, the Dungeness Crab. It is mostly found on the muddy and rocky bottoms of water bodies. In appearance, this species of Crab is reddish brown and shiny.
23. King crab
Processed Weight as of 2021: 20,459,677 Pounds
King Crabs are located in the North Pacific coastal waters. Some of its breeds include red king crab and golden king crab. They are mostly found in the depths of oceans. They are usually grilled, steamed, and baked for consumption.
22. Rockfishes
Processed Weight as of 2021: 21,699,972 Pounds
Rockfishes are mostly common in California and Maryland. They tend to hide behind rocks and grow really slowly. Their light and tender fillet is liked by most Americans, making it one of the most consumed fish in the country.
21. Sablefish
Processed Weight as of 2021: 27,078,835 Pounds
Also known as the Black Cod is this popular US fish, the Sablefish. It is commonly located in deep waters of the Northern Pacific. It also tends to consume other fish such as squid and jellyfish. Furthermore, it resides on the muddy ocean beds.
20. Eastern Oysters
Processed Weight as of 2021: 28,480,457 Pounds
Found along the Eastern coasts of North and South America are these Eastern Oysters. They have a greyish-white shell. They also tend to live in more shallow waters and are classified as one of the most consumed fish in the United States.
19. Rainbow Trout
Processed Weight as of 2021: 31,403,078 Pounds
Rainbow Trout is found along the Western coast of North America. They tend to live in moderately shallow waters. In appearance, Rainbow Trout contains a mix of colors including white, black, pink, blue, and yellow.
18. Ocean Quahog
Processed Weight as of 2021: 31,403,078 Pounds
Found on the Eastern coast of the United States is another famous fish choice, the Ocean Quahog, which can live up to 200 years as reported by NOAA Fisheries. It is normally used for consumption in chowders, stews, and soups. Ocean Quahogs belong to the family of Mollusks and are one of the most preferred fish in the US.
Prominent players in the global fish market include AquaBounty Technologies, Inc. (NASDAQ:AQB), Pingtan Marine Enterprise (NASDAQ:PME) Ltd., and Marine Harvest ASA (NYSE:MHG).
17. Sockeye Salmon
Processed Weight as of 2021: 41,794,627 Pounds
Sold at a comparatively high cost in the US is this breed of anadromous fish, Sockeye Salmon. It is popular among fishermen as well as chefs. It is also called Red Salmon since it tends to be red during spawning and turns blue in water.
16. Shellfish
Processed Weight as of 2021: 42,083,016 Pounds
Another popular type of seafood in the US is the Shellfish. It is consumed in both fresh and frozen forms. It is located in both the Pacific and the Atlantic. The Salish Sea is known to contain the most shellfish in the country, attracting many fishers around.
15. Pacific Hake
Processed Weight as of 2021: 58,976,532 Pounds
Consumed as fish sticks and fish fillets in abundance is the Pacific Hake. It migrates once a day from deep waters to the ocean surface. It is greyish-white in color and found off the Western coast of the United States.
14. Sea Scallops
Processed Weight as of 2021: 59,900,857 Pounds
Mostly found in North West Atlantic are these sea scallops which are liked in the US fish market. They are mostly seen in deep sea waters and less shallow depths. This popular fish breed tends to live on ocean floors and is one of the most sought fish in the US.
13. Atlantic Salmon
Processed Weight as of 2021: 60,443,102 Pounds
Native to the Atlantic Ocean is this breed of salmon which is preferred by many Americans. Most of the Atlantic Salmon are caught by the commercial fish farms in Washington however recreational fishers tend to catch any of this salmon that escapes. They are mostly found in Maine, United States.
12. Squid
Processed Weight as of 2021: 62,832,013 Pounds
A known fish in the United States is the Squid which is one of the most wanted species in the country. It is preferred to be eaten as seafood salad or calamari. Squids can survive in both shallow and deep waters. They also have the ability to readily change their color to camouflage themselves in their habitat.
11. Cod
Processed Weight as of 2021: 66,778,020 Pounds
Cod is another popular fish in the US. It is mostly found in the Pacific or Atlantic water although the Pacific Cod is larger in numbers. Cod from the Pacific is also the second largest commercial groundfish in the US.
10. Pink Salmon
Processed Weight as of 2021: 91,270,158 Pounds
Pacific and Arctic waters hold this popular breed of Salmon known as the Pink or humpback Salmon. It is one of the most consumed fish in the US, typically used in salmon cakes and salmon burgers.
9. Red Hake
Processed Weight as of 2021: 105,162,171 Pounds
Native in the Atlantic Ocean is the Red Hake which is also known as the Squirrel Hake. Red Hakes are usually reddish brown in color. They are one of the most consumed fish in the US and are often overfished from the Atlantic.
8. Tuna Albacore
Processed Weight as of 2021: 106,467,976 Pounds
Mostly surviving in the tropical and temperate climates of the North Atlantic and Pacific Oceans is this breed of Tuna called Tuna Albacore which is one of the famous fish in the US. It migrates between oceans very frequently. It is baked, grilled, or seasoned with sesame seeds as a meal in the country.
7. Catfish (farmed)
Processed Weight as of 2021: 118,635,010 Pounds
This farmed catfish has mild flesh and half of its global population resides in the US waters. Found mostly in North America, this fish is known for its exotic taste among Americans.
6. Surf Clams
Processed Weight: 130,630,716 Pounds
Surf Clams are a breed of Bivalve Mollusks. Freshwater Clams live in freshwaters while Marine Clams tend to survive in salt waters. Americans enjoy Clams by adding them to their soups, pasta, and chowders. Hence, surf clams are one of the most preferred fish for consumption in the US.
Investors who are looking to increase their exposure to the US fish market can look up stocks such as AquaBounty Technologies, Inc. (NASDAQ:AQB), Pingtan Marine Enterprise (NASDAQ:PME) Ltd. and Marine Harvest ASA (NYSE:MHG).
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Disclosure: None. 25 Most Consumed Fish in the US is originally published on Insider Monkey.
