In this article, we will take a look at the Top 15 Fish Producing Countries in the World. However, first we will have a quick peek at the global fishing industry.
One of the most consumed foods in the world currently is fish and it is no surprise that its popularity and consumption only seems to be increasing with time. The global production of fish increased from 184.6 million metric tons in 2022 to 186.6 million metric tons of fish in 2023, according to Sinay. The international trade of fisheries and aquaculture products, however, experienced a decline in 2020 as compared to 2018 due to the covid-19 pandemic. The trade generated 151 billion dollars in 2020, down from a whopping 165 billion dollars in 2018, according to FAO. In terms of value, the fish market was valued at a whopping 236.61 billion dollars in 2023 and is expected to increase to somewhere around staggering 331 billion dollars mark by 2028.
The fishing industry plays a significant role in the global economy and employment. Almost 59 million people are employed by the primary fisheries sector. Globally, 600 million people’s livelihoods partially rely on fisheries and aquaculture. About 88% of the total fish production is used up in human consumption. The global per capita fish consumption is greater than 20 kilograms per year, as given by Food and Agriculture Organization.
This increased consumption stems from stronger aquaculture supply and firm demand and reduced wastage. The high levels of consumption are also very closely linked to increased global fish production, which more than quadrupled between the years 1961 and 2017. Compared to this, the world population only doubled in the same period. This prominent increase in fish production can be traced back to continuous innovation and the emergence of aquaculture over the last 50 years.
However, historically, the growth in fishery and aquaculture industry has come at the expense of the environment. While aquaculture has a lot of potential to be a primary source of nutrition and feed the increasing world population, sustainability is highly important. Fishery resources have been declining due to factors like overfishing, poor management, and pollution.
But at the same time, the number of landings from biologically sustainable stocks has been increasing. In 2019, these showed a 3.8 percent improvement as compared to 2017. It is forecasted that aquatic food consumption will see a 15 percent increase by 2030 given the improvements in post-harvest practices, changes in dietary trends, rising incomes and urbanization. To cater to this increase in consumption, the supply will also rise to 21.4 kg per capita by 2030, according to FAO.
These figures reflect the positive outlook on the fishing industry, providing investors with a lot of reasons to bet on the best stocks in the fishing industry. One of the biggest publicly listed global seafood companies is Mowi ASA (OTC:MOWI.OL). In addition to Mowi ASA (MOWI.OL), some of the best aquaculture stocks include Aquabounty Technologies Inc (NASDAQ:AQB), Leroy Seafood Group ASA (OTC:LYSFF), and Bakkafrost P/F (OTC:BKFKF). Mowi ASA (OTC:MOWI.OL), Aquabounty Technologies Inc (NASDAQ:AQB), Leroy Seafood Group ASA (OTC:LYSFF), and Bakkafrost P/F (OTC:BKFKF) are based in Norway, U.S., Norway, and Faroe Islands, respectively.
A person fishing in the lake, using the companies fishing equipment to reel in their catch.
Methodology
There are two distinct types of commercial fish production. Capture Fisheries catch and sell fish from the wild, whereas aquaculture production is human-maintained fish populations raised for consumption. For the purpose of this ranking, we obtained the total fisheries production that included both, the capture fisheries production and the aquaculture production. The data on the total fisheries production has been obtained from The World Bank. The Top 15 Fish Producing Countries in the World have been ranked in ascending order of their 2021 production levels.
15. Thailand
Total fisheries production: 2,402,021 tons
First on our list of Top 15 Fish Producing Countries in the World is Thailand. Thailand, the world’s 30th largest economy with a GDP of $404 billion, has a significant seafood industry, according to EJ Foundation. The sector employs over 800,000 individuals and generates $6 billion in export revenue. Prior to 2015, the Thai fishing industry was governed by outdated, weak, and insufficient regulations, resulting in severe environmental degradation and widespread human and labor rights abuses. Consequently, fish populations dramatically collapsed, therefore the progress made by the Royal Thai Government in establishing a sustainable, legal, and ethical fishing sector is commendable.
14. Myanmar
Total fisheries production: 2,594,957 tons
Myanmar’s fisheries sector employs 3.2 million people, with inland and marine fisheries accounting for nearly 78 percent of the country’s fish production, as given by World Fish Center. Over the past decade, aquaculture has expanded significantly, now making up 22 percent of the annual fish output. Despite this growth, aquaculture’s contribution to overall fish consumption is still low compared to neighboring Thailand (80 percent) and Bangladesh (55 percent). This highlights the continued importance of capture fisheries and suggests significant potential for future expansion in the aquaculture sector.
13. South Korea
Total fisheries production: 3,742,566 tons
South Korea ranks as the fourth-largest consumer of fish in Asia. Between 2013 and 2015, the average fish consumption per person in South Korea was 128.7 lbs (58.4 kg). By 2025, this figure is projected to exceed 64 kg per person. The main export destinations were Japan (36%), China (18%), and the U.S. (9%). South Korea stands at 13th place on our list of Top 15 Fish Producing Countries in the World.
12. Chile
Total fisheries production: 3,833,592 tons
According to Global Fishing Watch, Chile is among eleven countries in Latin America and the Caribbean that have established a network to combat illegal, unreported, and unregulated fishing. This initiative also supports an Asia-Pacific Economic Cooperation roadmap aimed at curbing such activities. Chile, with its extensive 6,400-kilometer coastline, is home to one of the world’s most profitable commercial fishing industries. Recent data indicates that Chile’s total fish catch exceeds 4 million metric tons, as stated by Latam fdi.
11. Japan
Total fisheries production: 4,114,570 tons
In Japan, two-thirds of the fish is consumed domestically, while the remainder is exported. Unfortunately, the annual fish catch has declined from 12.8 million tons in 1985 to 4.3 million tons in 2017, according to Borgen. Despite this decrease, employment in the fishing industry has remained stable, with over 140,000 workers as of 2019.
The average salary in Japan’s fishing industry is just over $39,000 per year, as given in CNBC, helping to manage the poverty rate, which was reported at 15% in 2020. Japan is 11th country on our list of Top 15 Fish Producing Countries in the World.
10. Philippines
Total fisheries production: 4,114,594 tons
The Philippines ranks as the world’s 10th largest seafood producer, with an annual production exceeding 4 million tons. According to Sustainable Fisheries Partnership, over 85 percent of wild-caught fish come from artisanal or small-scale fisheries. Around 2.1 million Filipinos are employed in seafood-related industries. With a population of 111 million, the Philippines has an average per capita fish consumption of 40 kg per year, which is significantly higher than the global average. More than 50 percent of the dietary protein for Filipinos comes from aquatic resources.
9. Norway
Total fisheries production: 4,220,624 tons
Norway is 9th country on our list of Top 15 Fish Producing Countries in the World. With a coastline spanning over 83,000 kilometers, including fjords and islands, Norway stands out as one of the world’s foremost nations in marine fisheries and aquaculture production. Norwegian aquaculture is predominantly industrial, modern, and highly competitive. Over the past decade, aquaculture production in Norway has more than doubled, reaching 1.14 million tons, according to Food and Agriculture Organization.
Ninety percent of Norway’s fisheries harvest stocks are shared with other nations. For key fish stocks, quota levels are determined in collaboration with other countries, such as Russia, Iceland, the Faroe Islands, Greenland, and the EU.
8. Bangladesh
Total fisheries production: 4,621,228 tons
Aside from agriculture, Bangladesh depends heavily on fisheries, which serves as the backbone of its economy. Being one of the largest fish-producing nations globally, Bangladesh plays a significant role in global fish production. As of 2021, Bangladesh ranked 8th globally with a fish production of 4.6 million tons. In 2023, Minister for Fisheries and Livestock SM Rezaul Karim announced that the government has established a goal to achieve a fish production of 8.5 million tons by 2041, representing a 1.8-fold increase over the current production level, as stated in Dhaka Tribune.
7. United States
Total fisheries production: 4,731,048 tons
The fishing industry in the United States is an important sector, both economically and culturally. In recent years, it has undergone modernization efforts to tackle sustainability and marine resource management challenges. U.S. is 7th on our list of Top 15 Fish Producing Countries in the World.
According to Krusta Group, in 2019, the combined freshwater and marine aquaculture production in the U.S. amounted to 658 million pounds, valued at $1.5 billion. According to the OECD‘s 2020 report, the U.S. boasted a fishing fleet numbering 75,231 vessels, ranking among the largest globally. Additionally, the United States is a significant importer of fishery products, with few key sources being Canada (14%), India (11%), Indonesia (10%), Chile (10%), and China (8%).
6. Russia
Total fisheries production: 5,487,045 tons
In 2023, Russia saw a 3.1% increase in revenue from fish and seafood exports, with a notable 16.8% rise in physical supplies, totaling 2.6 million tons, according to TAdviser. These figures indicate significant growth. However, during the same period, revenue that was generated from Russian exports of fish fillet and minced meat experienced a decline of 5.9%. Additionally, the estimated cost per ton for these products decreased by 6.3%.
5. Peru
Total fisheries production: 6,726,989 tons
The fishing industry in Peru is a vital component of the country’s economy and cultural heritage. Situated along the Pacific coast, Peru boasts one of the world’s most productive marine ecosystems, characterized by the cold, nutrient-rich waters of the Humboldt Current. This unique environmental setting supports a diverse range of marine species, making Peru one of the top fishing nations globally. According to Seafood Source, commercial anchovy fishing supports approximately 250,000 jobs in Peru and contributes roughly $2.5 billion annually through exports of fishmeal and fish oil.