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
Sep 27, 2024 - Fishers Oppose Wind Energy Development in GOM
- The Bureau of Ocean Energy Management (BOEM) will hold the first offshore wind energy lease sale on Oct. 29, 2024, for eight areas on the Outer Continental Shelf off Massachusetts, New Hampshire, and Maine. If fully developed, the lease areas could potentially power over 4.5 million homes, according to BOEM. The two lease areas closest to Maine neighbor Cashes Ledge, a perennially closed habitat area, and the Lobster Management closure for protecting North Atlantic Right whales. The Maine Coast Fishermen's Association opposes the upcoming lease sale and is firmly against any energy development in the Gulf of Maine until it can be shown not to impact the ocean ecosystem or Maine’s fishing communities negatively. The October sale follows the wash-up of debris from giant wind turbine blades manufactured by GE Vernova on Cape Cod beaches after breaking apart in the water off Nantucket.
- Alaska’s commercial fishers, struggling amid low prices for their catch, are blaming flooded global markets and Russia in particular. In the US, dollar sales of frozen seafood dropped 4.2% to $739 million and declined 2.6% by volume, while dollar sales of fresh seafood fell 2.2% to $807 million and sales by volume dropped 4.9%, according to Circana Integrated Fresh data analyzed by 210 Analytics. Retail seafood prices have been falling this summer, although prices of fresh and frozen seafood rose slightly in August, resulting in a corresponding dip in sales, according to 210 Analytics Principal Anne-Marie Roerink in a recent US Retail Seafood Performance Review report. Per the August Consumer Price Index (CPI), fish and seafood prices at retail dropped 2.3% in August compared to a year ago, while prices rose by 0.2% month over month.
- Along with falls, equipment-related injuries, and drownings, fatal overdoses have become an occupational hazard of commercial fishing, The New York Times reported in June. The grueling nature of work aboard commercial fishing vessels and the high incidence of stress and painful injuries make crew susceptible to opioid use and overdosing. In response, efforts are being made to train crewmembers to identify and treat an overdose and to equip commercial fishing boats with naloxone (aka Narcan), an opioid antagonist that can reverse overdoses and prevent death. The New Bedford, Massachusetts-based nonprofit Fishing Partnership Support Services provides free training on responding to an opioid emergency to fishing communities along the East Coast. A 2022 report by the Massachusetts Department of Public Health found that employees in fishing, forestry, agriculture, and hunting had the highest fatality rates from opioid overdoses of all industries, closely followed by workers in construction trades.
- US fisheries are in hot water, according to a NOAA Research study of marine heatwaves. Marine heatwaves occur when sea surface temperatures exceed 90% of typical regional temperatures, factoring in seasonal fluctuations. They can last from days to years and affect not only surface waters but also the bottom of the ocean. Marine heatwaves stress marine life, leading to mass die-offs of fish, marine mammals, and seabirds, as well as coral bleaching. They can also trigger harmful algal blooms and intensified hurricanes. Cool- and cold-water fish, like cod and salmon, are particularly vulnerable to heatwaves, according to the US Fish & Wildlife Service. Other species negatively impacted by warming waters include Dungeness and Alaskan snow crab, Pacific cod, and shrimp. Fish and seafood populations, their habitats, and the US fishing industry are feeling the impact, with experts warning that climate change could critically harm the $253 billion US fishing industry.
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.