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Fish and Seafood Markets in the US Industry Market Research Report from IBISWorld has Been Updated
Date:1/27/2013

Los Angeles, CA (PRWEB) January 27, 2013

Three broad factors that drive the Fish and Seafood Markets industry include levels of household disposable income, per capita seafood consumption, seafood prices and general population growth. “Historically, the quantity and quality of fish and seafood have driven sales of fish and seafood in related markets,” says IBISWorld industry analyst Josh McBee, but the development of the Fish and Seafood Aquaculture industry (IBISWorld report 11251) have brought supplies closer to consumer demand. Previously, variability in the cycle of fish caught determined pricing and supply at the retail level, but aquaculture produces a consistent supply of seafood similar in size and quality, thus tempering the industry's volatile nature. As such, over the five years to 2012, IBISWorld estimates industry revenue fell at an annualized rate of 1.2% to $2.1 billion.

During the past few years, falling household wealth has negatively affected the Fish and Seafood Markets industry. As families and individuals tightened their budgets and reduced expenses, consumption trends have changed in a number of ways. Most importantly, the volume of fish and seafood sold dropped significantly in 2008 and 2009 in favor of less expensive protein sources such as chicken, pork and beef. “The negative effects of the recession reduced the quality of purchases as well,” says McBee. “Purchases of higher-quality seafood have declined strongly as Americans substitute quality fresh fish with more frozen, canned or other processed varieties.” Industry profitability (earnings before taxes and interest)
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