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Seafood Preparation

Seafood Preparation

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Executive summary

The activities of the Seafood Preparation industry encompass canning, smoking, salting, drying, freezing and packing seafood, as well as eviscerating fish, shucking shellfish and processing fish and shellfish for fats and oils.
Over the five years to 2022, the Seafood Preparation industry has benefited from several trends. First, eating trends have prompted consumers to gradually shift to eating more seafood, which is often considered a healthier protein option than most poultry and red meat. Growing disposable income has made it easier for consumers to afford higher-end seafood and the passing of legislation outlawing the importation of seafood products harvested using exploited workers has limited the supply of legal products coming from foreign sellers, putting more of a focus on domestic seafood. Overall, consumers are purchasing more high-end seafood varieties, which has boosted revenue.
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industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

EMPLOYMENT
The number of permanent, part-time, temporary and seasonal employees, working proprietors, partners, managers and executives within the industry.

Colloquial Terminology

AQUACULTURE
The farming of aquatic organisms such as fish, crustaceans, mollusks and aquatic plants.

FISHERY
An entity engaged in raising and harvesting fish, either via fishing or aquaculture.

OMEGA-3 FATTY ACID
A polyunsaturated fatty acid that is essential for good health and influences various metabolic pathways, resulting in lowered cholesterol and triglyceride levels.

SHELLFISH
A fisheries term for shellbearing mollusks and crustaceans.

Details

However, rising import penetration has also hindered the industry, undercutting domestic producers. In 2020, the COVID-19 (coronavirus) pandemic rearranged demand for the industry, with demand from grocery stores rising initially at the expense of restaurants as a result of stay-at-home orders, although this has reversed since 2021 as pandemic restrictions have subsided. Over the five years to 2022, industry revenue is expected to decline marginally at an annualized rate of 1.0% to $15.0 billion. During the current year, rising seafood prices are expected to push industry revenue up 1 2.6%. Larger operators have sought out ways to increase their market share and support profit in a fairly saturated market. Most of the enterprises in the industry are small, nonemploying operators, but a significant portion of industry revenue is held by the larger players in the industry. Consequently, larger companies have increasingly acquired mid-sized companies to acquire more market share in a competitive field. Profit, defined as earnings before interest and taxes, is forecast to account for 2.1% of industry revenue, down from levels five years prior.

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