Fish & Seafood Aquaculture in the US
The Fish and Seafood Aquaculture industry has grown over the five years to 2019. The majority of industry revenue is derived from sales of the fish and shellfish used to produce seafood, the consumption of which has grown over the past five years. Seafood is generally more expensive than substitutes such as chicken, meaning that an increase in seafood consumption during the current period can be primarily attributed to the falling price of seafood. Despite strong competition from imports, the industry is expected to continue growing over the five years to 2024. Growth in disposable income is expected to raise aggregate demand for industry products. The industry has the potential to grow at a much faster rate if legislation is passed to permit aquaculture farms to operate in the open ocean, an activity that is currently banned.
Companies in this industry farm aquatic animals or plants in controlled aquatic environments. Industry operators use some form of intervention in the rearing process to enhance production, such as holding in captivity and protecting from predators, pests and disease. This industry does not include the fishing and harvesting of wild fish and shellfish, an activity that is included in the Fishing industry (IBISWorld report 11411).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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