Commercial Fishing
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 2,600 commercial fishing operations in the US harvest fish and shellfish from their natural habitats in fresh water, tidal areas, rivers, and oceans. The approximately 300 target species vary by region and require differing methods, vessels, and equipment for their catch. Imports currently represent about 80% of US consumption of fish and shellfish.
Overfishing
Overfishing occurs when a stock has a harvest rate higher than the rate that produces its maximum sustainable yield.
Hazardous Weather
Fishing is a seasonal occupation and catch is highest during the summer and fall, as winter fishing is particularly hazardous.
Industry size & Structure
The average commercial fishing company employs 2 workers and generates nearly $2 million in annual revenue.
- There are about 2,600 companies in commercial fishing, with about 182,568 people employed as commercial harvesters, according to NOAA Fisheries.
- Companies in commercial fishing vary in size, from small vessel and family operations that operate as a fishing community to local and regional markets to large corporate fleets that supply regional, national, and export markets.
- Total annual revenue or "landings value" for commercial fishers ranges from $9-10 billion.
- The largest firms are typically integrated, moving from managing their own fishing fleet to processing and distribution. These firms include: Nissui USA (formerly Nippon Suisan Kaisha USA), Tri Marine International, and Trident Seafoods Corporation.
- Eight regional fishery management councils under NOAA oversee about 45 fishery management plans that control approximately 492 major fish stocks, making up over 90% of annual revenue.
- Dutch Harbor, Alaska, and New Bedford, Massachusetts, are the top ports in value and volume of commercial landings, according to NOAA Fisheries.
- The three highest-value commercial species categories are crabs ($584 million), lobsters ($563 million), and scallops ($488 million).
Industry Forecast
Commercial Fishing Industry Growth
Recent Developments
Jan 27, 2025 - Trump Halts Offshore Wind Lease Sales
- President Trump has signed an executive order temporarily halting offshore wind lease sales in federal waters and pausing the issuance of approvals, permits, and loans for onshore and offshore wind projects, the AP reports. While the order is likely to face a court challenge, it’s being welcomed by commercial fishers – including the New England Fishermen’s Stewardship Association – opposed to offshore wind development out of concern about the potential impact on catches along the East Coast. While the order doesn’t seek to freeze wind projects already under construction, the administration is exploring the possibility of “terminating or amending” any leases that have already been issued. The Biden administration approved permits for 11 commercial-scale wind farms along the East Coast of which five are under construction and one has been completed, according to The New York Times.
- The FDA is asking the seafood industry, academia, and other relevant parties for more information on perfluoroalkyl and polyfluoroalkyl substances (PFAS) in seafood, Seafood Source reports. The agency in November opened a request for information regarding PFAS, also known as “forever chemicals” because they don’t easily break down and have been shown to accumulate in the environment and in human bodies. The FDA said its testing indicates that seafood may be at higher risk for environmental PFAS contamination compared with other types of foods. According to the agency, the purpose of the request is to help increase its understanding of the potential for PFAS exposure from seafood. It says it intends to use the information submitted in response to its request to help inform future activities to reduce dietary exposure to PFAS that may pose health concerns. The deadline for comments is February 18, 2025.
- Employment by commercial fishers is at a 10-year low, according to data from the US Bureau of Labor Statistics. Moreover, from 2023 to 2033 the number of jobs for fishing and hunting workers is forecast to decline by 1%, per the BLS. Following double-digit growth in 2021 and 2022, sales for the US commercial fishing companies industry are forecast to grow at a 2.76% compounded annual rate from 2024 to 2028, slower than the growth of the overall economy, according to the Interindustry Economic Research Fund.
- Participation in commercial fishing is declining, National Fisherman reported in November. “The graying of the fleet is real,” Andrea Tomlinson, of the New England Young Fishermen’s Alliance (NEYFA) told a Workforce Development panel at this year’s Pacific Marine Expo, adding “It’s a nationwide problem.” Barriers to entry facing would-be fishers include financial constraints and a lack of mentorship. The Alaska Longline Fishermen’s Association’s Crew Training Program is focused on mentorship and has placed over 130 young people on boats, helping them learn the ropes in a safe, supportive environment. To help those already involved in commercial fishing advance their careers the NEYFA has launched the Deckhand to Captain (DTC) training program, an intensive nine-month course designed to guide individuals from seasoned deckhands to successful owner-operators. The DTC program is open to commercial fishermen with at least three years experience as a deckhand or sternman.
Get A Demo
Vertical IQ’s Industry Intelligence Platform
See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.
Build valuable, lasting relationships by having smarter conversations -
check out Vertical IQ today.