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Íslandsbanki Seafood Research May 2014
North America Seafood Market Report
3North America Seafood Market Report
Foreword Dear reader,
Íslandsbanki provides comprehensive financial services to individuals, corporations and institutional investors. Íslandsbanki and its predecessors have worked closely with the seafood industry for over a century, financing the first Icelandic motorised trawler in 1904. The Bank started its international operations in 1999 by providing financing solutions to the fishery sector on the east coast of Canada.
In addition to providing customized services to the seafood industry, Íslandsbanki has published research reports on various markets and species since 2003. Through these reports, we strive to provide insights into the key trends and issues affecting the industry.
It is a pleasure to present this Seafood Market Report on the United States and Canadian seafood markets. For further information about Íslandsbanki’s seafood industry services, and prior research reports, please visit our website at www.islandsbanki.is/seafood.
The Íslandsbanki Seafood Industry Team
Key Highlights
• With total production of 4.2 million MT, the United States is the third largest fishing country in the world and one of the most important consumer markets for seafood.
• Canada produces approximately 800,000 MT annually and is the ninth largest seafood exporting country.
• Alaska pollock is the most important U.S. species by volume, representing 31% of total landings. Crab is the highest value species.
• The Canadian seafood industry is concentrated in the Maritime Provinces. Coldwater shrimp and herring are the highest volume species while lobster is the most important species by value.
• Canadian aquaculture is growing rapidly. Canada is the fourth largest producer of farmed salmon, behind Norway, Chile and Scotland.
4North America Seafood Market Report
Íslandsbanki Íslandsbanki is a universal bank in Iceland with total assets of EUR 5.6 billion. A leader in financial services in Iceland, Íslandsbanki has a 25-50% market share across all domestic business areas, including Retail Banking, Corporate Banking, Capital Markets and wealth management. Building on over 135 years of servicing key industries in Iceland, the Bank has developed specific expertise in the Seafood, Energy and Offshore Service Vessel industries domestically and within the North Atlantic region. Íslandsbanki ranked first among financials in the Icelandic Customer Satisfaction Index and was voted ‘Best Bank in Iceland’ by Euromoney. Íslandsbanki´s Commercial Loan Portfolio by Industry
Commerce & services
Real Estate
Seafood
Industrial & transportation
Construction
Other
8%
25%
25%21%
14%
6%
As of December 31, 2013, seafood accounted for approximately 21% of the Bank’s commercial loan portfolio, underscoring the importance of the sector to the Bank.
Source: Íslandsbanki
5North America Seafood Market Report
Seafood Industry Team
Linda G. Lyngmo Project ManagerSeafoodlinda.lyngmo @islandsbanki.is
Elvar Orri HreinssonAnalystSeafoodelvar.orri.hreinsson @islandsbanki.is
Timothy H. SpanosExecutive Director International Lending timothy.spanos @islandsbanki.is
Runar JonssonExecutive Director Seafoodrunar.jonsson @islandsbanki.is
Vilhelm Mar ThorsteinssonManaging Director Corporate Banking vilhelm.thorsteinsson @islandsbanki.is
Ragnar GudjonssonBusiness Manager [email protected]
Olafur Hrafn OlafssonCredit Manager Seafoodolafur.hrafn.olafsson @islandsbanki.is
Íslandsbanki employs an experienced team of bankers who focus on the Seafood Industry. The team is part of the Corporate Banking unit, providing innovative services to domestic and foreign seafood companies, as well as publishing well regarded industry reports.
Over the years, many leading seafood companies in Iceland and abroad have been customers of the Bank. Íslandsbanki team members have participated in several of the industry’s benchmark transactions.
Seafood Team Members
6North America Seafood Market Report
Table of Contents
The Global Seafood Industry
08. Global Seafood Market
09. Global Seafood Production
11. Major Commercial Fisheries
12. Marine Capture Production
14. Global Trade
15. Global Seafood Consumption
The United States Seafood Industry
18. State of the Resource in the U.S.
21. U.S. Main Fishing Areas
22. U.S. Seafood Production
28. U.S. Seafood Trade
34. U.S. Aquaculture
37. U.S. Consumption
The Canadian Seafood Industry
40. Canada’s Major Fishing Areas
41. State of the Resource in Canada
44. Canadian Seafood Production
50. Canadian Seafood Trade
56. Canadian Aquaculture
59. Canadian Consumption
7North America Seafood Market Report
The Global Seafood Industry
8 North America Seafood Market Report
Global Seafood Market Fish and other seafood products are an important source of protein. According to the Food and Agricultural Organization of the United Nations (FAO), seafood accounted for 16.6% of the world population’s intake of animal protein in 2009. Seafood supply grew at an average rate of 3.2% per year during the period from 1961-2009, outpacing the average growth rate in the world population of 1.7% p.a. Increasing demand for seafood has been driven by growth in the world population and increasing per capita consumption, reflecting a shift to healthier eating choices and rising income levels in developing countries.
Compared to other sources of animal protein, the Seafood industry is extremely diverse. There are almost 2,000 species in FAO’s capture production database with many different types of species and pro ducts being produced to meet consumer demands which vary based on regional preferences, income levels, supply, distribution infra structure and other factors. Although there has been a recent trend towards consolidation, the Seafood industry remains highly fragmented.
Source: FAO
9North America Seafood Market Report
Global Seafood Production Total global production of seafood was relatively stable in 2012. According to FAO, total production increased by 0.5% from 156.2 million metric tons (MT) in 2011 to 157.0 million MT in 2012, following a 5.0% increase in 2011. According to the OECD-FAO Outlook, global seafood production is projected to increase by 3.1% to 161.9 million MT in 2013. Total production is expected to continue to rise in subse-quent periods, reaching 181 million MT by 2022.
Source: FAO; OECD-FAO
Global Seafood Production
10
8
6
4
2
0
200180160140120100
80604020
0
19801983
19861989
19921995
19982001
20042007
20102013
20162019
2022
Wild Caught Aquaculture Population (r.axis)
Milli
on M
TBillion
10 North America Seafood Market Report
Global Seafood Production The volume of fish harvested in wild fisheries has stabilized at approxi -mately 90 million MT while aquaculture production has steadily in creased. In the last ten years, aquaculture production has grown at an average annual rate of approximately 6.1% and is expected to surpass wild caught seafood as the main source for human consumption by 2015. Wild caught seafood accounted for 58% of total production in 2012 compared to approximately 70% in the early 2000s.
The majority of wild caught seafood is harvested in marine fisheries. The volume of fish caught in inland waters has been increasing, reaching a record 11.6 million MT in 2012, but represents less than 15% of total capture production. In contrast, aquaculture production is concentrated in inland waters which account for roughly 70% of total aquaculture production.
There has been an increasing trend in the proportion of seafood production used for direct human consumption. In 2011, approximately 85% of total production was for direct human consumption with the remaining 15% used for non-food purposes, including the production of fishmeal and fish oil.
Source: FAO; OECD-FAO
Global Seafood Production (Million MT)
2008 2009 2010 2011 2012
Wild Caught
Inland 10.2 10.5 11.3 11.1 11.6
Marine 79.9 79.6 77.7 82.6 79.7
90.1 90.1 89.0 93.7 91.3
Aquaculture
Inland 36.0 38.0 41.7 43.5 45.5
Marine 16.9 17.7 18.3 19.0 20.2
52.9 55.7 60.0 62.5 65.7
Total Global Fisheries 143.0 145.8 149.0 156.2 157.0
11North America Seafood Market Report
Major Commercial Fisheries The chart below provides an overview of major commercial fisheries:
Source: FAO; Íslandsbanki
Aquaculture42%
Wild Caught58%
Freshwater29%
CarpTilapiaCatfishPangaius
SalmonShrimpOystersMusselsClams
SquidScallopsClamsOysters
ShrimpCrapLobster
SkipjackYellowfinBigeyeAlbacore Bluefin
AnchovetaSardinesHerringMackerelCapelinMenhaden
PollockCodFlatfish Haddock
Freshwater7%
Marine13%
Marine51%
Fish Shellfish
MolluscsCrustaceansTunaPelagicsGroundfish
Global Seafood Production157 million MT
12 North America Seafood Market Report
Marine Capture Production The volume of fish harvested in marine waters decreased by 3.5% from 82.6 million MT in 2011 to 79.7 million MT in 2012 primarily due to a decline in the anchoveta catch. Anchoveta is the highest volume species harvested in marine fisheries. The anchoveta fishery is highly variable with catch rates impacted by water temperature (El Niño and La Niña) and changes in the fishery management regime during the past ten years. The anchoveta catch fell by 43% from 8.3 million MT in 2011 to 4.7 million MT in 2012. Excluding anchoveta catches, marine capture production reached a recent high of 75.0 million MT in 2012.
After anchoveta, the next highest volume species in marine capture fisheries is Alaska pollock. The top fifteen species accounted for approximately one-third of marine capture fisheries production in 2012.
Source: FAO; OECD-FAO
Major Species for Marine Capture, 2012 (Million MT)
Anchoveta
Alaska Pollock
Skipjack Tuna
Sardinella, nei
Atlantic Herring
Chub Mackerel
Scads, nei
Yellowfin Tuna
Japanese Anchovy
Largehead Hairtail
Atlantic Cod
4.7
3.32.8
2.31.8 1.6
1.4 1.11.21.31.4
13North America Seafood Market Report
Marine Capture Production
China is the world’s largest seafood producer with total production of 57.3 million MT in 2012. With marine capture production of approximately 13.9 million MT, China accounted for 17% of total marine capture production in 2012. The next five largest countries by volume are Indonesia, the United States, Peru, Russia and Japan. Together, these countries accounted for approximately 42% of the
Source: FAO; OECD-FAO
Marine Capture Production, 2012 15 Largest Producing Countries, in Addition to Canada (Million MT)
China
IndonesiaUSA
PeruRussia
JapanIndia
Chile
Vietnam
Myanmar
Norway
Philippines
Korea
ThailandMalaysia
Canada
13.9
5.4 5.1 4.8 4.1 3.6 3.42.6 2.4 2.3 2.1 2.1 1.7 1.6 1.5 0.8
Major Fishing Areas for Marine Capture Production, 2012
Pacific Ocean
Atlantic Ocean
Indian Ocean
Other
2%
59%24%
15%
total volume harvested in marine fisheries. The fifteen largest fishing nations produced 71% of the global marine catch.
More than half of the total marine catch was harvested in the Pacific Ocean.
14 North America Seafood Market Report
Global Trade Fish and seafood products are among the most traded food commodities worldwide, with trade volumes and values reaching new highs in 2011. The seafood supply chain is complex, as fish products often cross national borders several times before final consumption, due to the outsourcing of processing to comparatively low wage countries such as China, India, Indonesia, Thailand and Vietnam. In addition to being an important source of protein, the fishery and aquaculture sector provides livelihoods and income, both directly and indirectly,
1 Currency amounts are in USD unless otherwise noted Source: FAO; OECD-FAO
for a significant share of the world’s population. Trade volumes and values are expected to continue to rise with developing countries accounting for the bulk of world exports.
The total value of seafood production was approximately $217.5 billion1
in 2010, with an estimated $119.4 billion of fish food production attributable to aquaculture.
Top Ten Importers of Fish and Fisheries Products in Addition to Canada, 2011 (USD billions)
JapanChinaUSA
NorwayChina
ThailandSpain
VietnamFrance
USAItalyChile
Germany
DenmarkUKSpain
Korea
CanadaSweden
Canada
Netherlands
17.7
7.8 7.3 6.6 6.3 5.64.3 4.0 3.6
17.6
2.7
Top Ten Exporters of Fish and Fisheries Products, 2011(USD billions)
17.2
9.58.2
6.34.6 4.5 4.2 3.6
5.94.2
15North America Seafood Market Report
Global Seafood Consumption Per capita consumption of seafood has increased steadily since the 1960s, reaching an estimated 19.0 kg in 2012. However, consumption varies widely among regions and countries, reflecting differences in the availability of fish and other foods, traditions, income levels and other factors. Asia accounts for approximately two-thirds of total consumption with 85.4 million MT in 2009. China accounted for half of this number with total consumption of 42.6 million MT or approxi-mately 31.9 kg per capita (per capita consumption in the rest of Asia averaged approximately 15.4 kg). China has been responsible for most of the increase in per capita fish consumption, owing to a substantial increase in fish production, in particular from aquaculture.
Source: FAO; OECD-FAO
According to the OECD-FAO Outlook, total consumption is expected to increase from approximately 131 million MT in 2011 to 161 million MT in 2022. However, the rate of growth is expected to decline, due to slowing population growth and higher fish prices relative to red meats. Per capita fish consumption is projected to rise on all continents except Africa, where population growth will outstrip supply. The highest growth rates are expected in Asia while many developed countries are expected to show little to no growth.
19.0
World Europe Africa Asia Americas
20.5 21.623.3
21.2
10.1 10.7
24.0
9.7 9.2
Average Consumption of Seafood Products (kg per capita, per year)
2010-2013 2019-2022
16 North America Seafood Market Report
Global Seafood Consumption
Despite a rapid rise in the consumption of poultry, and to a lesser extent pork, average per capita consumption of seafood exceeds that of other animal proteins on a global basis. Annual per capita consumption of poultry increased by 140% from 5.5 kg in 1994 to 13.2 kg in 2012. Over this same period, pork consumption grew by 54% while seafood consumption grew at a slower rate of 38%. Per capita consumption of seafood is projected to grow by 7.3% during the period from 2012-2022, which trails only poultry at 9.8%.
Source: FAO; OECD-FAO
Annual Animal Protein Consumption (kg per capita)
Seafood Poultry Pork Red meat
7.0
8.05.5
8.28.4 8.6
13.9
11.612.3 12.7
10.813.2 14.5
16.3 19.2 20.6
1994 2003 2012 2022
17North America Seafood Market Report
The United States Seafood Industry
18 North America Seafood Market Report
State of the Resource in the U.S. The Magnuson-Stevens Act is the primary law governing marine fisheries in U.S. federal waters. Enacted in 1976, the Act established eight Regional Fishery Management Councils, which serve as the front line of fisheries management where region specific management mea-sures (such as fishing seasons, quotas and closed areas) are initiated, developed and ultimately adopted in a fully transparent and public process. Under the Act, councils are required to:
• Develop and amend fishery management plans
• Convene committees and advisory panels and conduct public meetings
• Develop research priorities in conjunction with a Scientific and Statistical Committee
• Select fishery management options
• Set annual catch limits based on best available science
• Develop and implement rebuilding plans
Source: NOAA Fisheries
19North America Seafood Market Report
State of the Resource in the U.S.
CrabU. S. commercial fishermen harvest several different species of crab. As a group crab, is the most valuable species in the United States. There are different fishery management regimes in place for the various species of crab. As an example, the Alaska snow crab fishery is managed according to size, sex and season. Only male crabs of a certain size may be harvested and fishing is not allowed during mating and molting periods. Every year, managers set the harvest, limit for the next fishing season using the most recent estimates of crab abundance.
PollockAlaska pollock is the most landed species in the U.S. with total volume of 1.3 million MT in 2012. The two primary global pollock resources are the U.S. Bering Sea fishery and the Russian fishery in the sea of Okhotsk. For more than 30 years, the U.S. has maintained safe harvest levels for Alaska pollock, and the U.S. Bering Sea pollock fishery is now the largest whitefish fishery in the world.
In 2005, the Marine Stewardship Council (MSC) completed a com-prehensive four-year review of the U.S. Bering Sea pollock fishery and concluded that the fishery met MSC criteria for a responsible and
sustainably managed fishery. The total allowable catch for the U.S. Bering Sea pollock fishery has averaged 1,244,000 MT annually for the 20-year period ending in 2010. The TAC for 2013 was 1,259,000 MT, a 3.9% increase from 2012.
SalmonPacific salmon is harvested in fisheries operating along North America’s West Coast, from Alaska to California. Commercial fisheries for salmon are among of the most valuable fisheries in the United States, second only to crab. In the U.S., the Pacific salmon is managed by the Pacific and North Pacific Fishery Management Councils and the Alaska Department of Fish and Game. In Alaska, management of salmon fisheries in federal waters is deferred to the State. Salmon fishery management largely relies on in-season assessment of how many salmon return to freshwater to spawn.
Commercial fishing for Atlantic salmon is currently prohibited by law. Only farm-raised Atlantic salmon can be found in the market.
Source: NOAA Fisheries
20 North America Seafood Market Report
ScallopAtlantic sea scallop is the most important scallop species in the U.S. In the early 1990s, the fishery for Atlantic sea scallops in the north-eastern U.S. was not sustainable — the population was near record lows and fishing was at a record high. Today, the Atlantic sea scallop population is near record highs and the fishery operates at sustainable levels. The Atlantic sea scallop fishery is now not only one of our most valuable fisheries but also the most valuable wild scallop fishery in the world. U.S. commercial fishermen harvest sea scallops year round, primarily using New Bedford scallop dredges. Managers determine a total allowable catch for the scallop fishery based on estimates of the scallop population. They allocate this catch amount to different groups of the fishery, depending on their permit type and historical catch, through “days-at-sea” and number of trips to special access areas.
ShrimpThe most important shrimp species harvested in the U.S. are brown shrimp and white shrimp. Shrimp are essentially an “annual crop” – most shrimp do not survive longer than 2 years. Although scientists monitor shrimp abundance to ensure the stock is healthy, it’s not an important of a consideration for fishery managers as with other seafood species. Instead, managers consider historic harvest amounts and fishing rates in developing a management strategy for the fishery. They also look at the amount of surviving parents and environmental conditions, such as weather and water temperatures. As long as environmental conditions are favorable, shrimp are very productive and can rebound from low abundance one year to high abundance the next.
Source: NOAA Fisheries
State of the Resource in the U.S.
21North America Seafood Market Report
U.S. Main Fishing Areas
The Pacific Coast is the largest U.S. fishery by volume with approx-imately 70% of total U.S. landings. The largest species by volume caught off the U.S. Pacific coast is Alaska pollock, which represents 31% of total U.S. landings. While the fisheries off the U.S. Atlantic coast are smaller when measured by volume (accounting for 16% of total landings), they generally consist of higher value species such as crab and scallop.
Pacific Ocean Major Fishing States: Alaska, California, Oregon, Washington, Hawaii
Total Landings: Volume: 2.9 million MTValue: $2.5 billion
Main Species:Pollock, cod, Pacific salmon, hake and crab
Gulf of Mexico Major Fishing States:Louisiana, Mississippi, Texas, Florida (West Coast), Alabama
Total Landings: Volume: 590,000 MTValue: $760 million
Main Species:Menhaden, shrimp, crab and oyster
Atlantic Ocean Major Fishing States:Virginia, Massachusetts, Maine, New Jersey, Rhode Island, Maryland
Total Landings: Volume: 691,000 MTValue: $1.9 billion
Main Species: Menhaden, Atlantic herring, lobster, crab and scallop
Source: NOAA Fisheries
Pacific
North Pacific
NewEngland
Mid-Atlantic
SouthAtlantic
CaribbeanGulf ofMexico
22 North America Seafood Market Report
U.S. Seafood Production
23North America Seafood Market Report
U.S. Seafood Production Volume The U.S. was the third largest fishing country in the world by volume in 2012 and one of the most important markets for seafood. During the past 20 years, total commercial landings averaged approximately 4.2 million MT. In 2011-2012, total volume rebounded off the low reached in 2009, primarily due to an increase in the pollock catch.
In 2012, total landings were 4.2 million MT, in line with the long term average. This represented a decrease of 6% compared to 2011 when total landings were at the highest level since 1997.
Pollock is the highest volume species with total landings of 1.3 million MT in 2012, followed by menhaden (639,700 MT) and cod (330,500 MT). These three species accounted for 54% of total landings in 2012.
Commercial Fisheries Production, 2012by Species
Pollock
Menhaden
Cod
Salmon
Sole
Hake
Other
31%
6%
7%
4%
8%15%
29%
Commercial Fisheries Production by Species (Thousand MT)
5,0004,5004,0003,5003,0002,5002,0001,5001,000
5000
Pollock HakeMenhaden SoleCod OtherSalmon
2007 2008 2009 2010 2011 2012
Source: NOAA Fisheries
24 North America Seafood Market Report
U.S. Seafood Production Value The total value of U.S. landings has generally been increasing since 2002. During this period, the total value rose by 61% from approxi-mately $3.2 billion to $5.1 billion. In 2012, the total value decreased by 4.5% from 2011, roughly in line with the volume decrease.
The highest value species consist primarily of shellfish species, including crab, scallop, shrimp and lobster. Together, these species accounted for 44% of the total value. Salmon was the most valuable finfish species.
Crab
Scallop
Shrimp
Salmon
Lobster
Pollock
Cod
Halibut
683
562
512
489
466
356
209
159
Commercial Fisheries Production by Species (USD millions)
2012
2011
2010
2009
Source: NOAA Fisheries
Commercial Fisheries Production by Species (USD millions)
7,0006,0005,0004,0003,0002,0001,000
0
Crab LobsterScallopPollock
ShrimpCod Halibut Other
Salmon
2007 2008 2009 2010 2011 2012
25North America Seafood Market Report
U.S. Seafood ProductionValue per MT
The charts below depicts the development in the price of the major shellfish and finfish species from 2007-2012. The average price per MT of scallop increased by 49% over this period (from $14,568 to $21,640) while the average price of lobster decreased by 36% (from $10,383 to $6,654).
The average price per MT of salmon increased by 79% (from $949 to $1,696). The average price per MT of cod has stabilized following a sharp decrease in 2009.
25,000
20,000
15,000
10,000
5,000
0
Price Development of Major Shellfish Species (USD per MT)
2007 2008 2009
Scallop Lobster
2010 2011
21,640
6,654
4,0693,607
2012
ShrimpCrab
2,0001,8001,6001,400
800600400200
0
Price Development of Major Finfish Species (USD per MT)
2007 2008 2009 2010 2011
632
1,696
272
168
2012
Pollock MenhadenSalmon Cod
Source: NOAA Fisheries
26 North America Seafood Market Report
U.S. Seafood ProductionLandings by State Alaska continued to lead all U.S. states in both volume and value with total landings of 2.4 million MT valued at $1.7 billion. Pollock and cod accounted for 67% of total landings in Alaska, but only 31% of value. Salmon was the most valuable species landed in Alaska with 26% of the total value despite accounting for just 11% total volume.
Massachusetts ranked fifth in terms of volume with 3.2% of total landings, but was the second most important state in terms of value, reflecting the importance of the scallop fishery. Maine ranked third in terms of total value, as it led the country in Lobster landings for the 31st consecutive year with 82% of the total. Lobster accounted for almost half of Maine’s commercial fishery landings.
Commercial Fisheries Producton, 2012 by Volume (Thousand MT)
Alaska
Louisiana
Virginia
California
Massachusetts
2,424
389
210
160
135
Commercial Fisheries Producton, 2012 by Value (USD millions)
Alaska
Massachusetts
Maine
Louisiana
Washington
1,692
618
449
310
276
State
Alaska
Louisiana
Virginia
California
Massachusetts
Other
Total
Thousand MT
2,424
389
210
160
135
895
4,212
%
57.6%
9.2%
5.0%
3.8%
3.2%
21.2%
100%
State
Alaska
Massachusetts
Maine
Louisiana
Washington
Other
Total
USD millions
1,692
618
449
310
276
1,752
5,097
%
33.2%
12.1%
8.8%
6.1%
5.4%
34.4%
100%
Source: NOAA Fisheries
27North America Seafood Market Report
U.S. Seafood Production Landings by Ports
Dutch Harbor, Alaska led the nation as the port with the highest volume of commercial seafood landings for the 15th consecutive year. New Bedford, Massachusetts was the leading U.S. port in terms of value for 12th year in a row. Four of the top ten U.S. ports in terms of
Top 10 Ports
Dutch Harbor, AK
Empire-Venice, LA
Aleutian Islands (Other), AK
Kodiak, AK
Reedville, VA
Intracoastal City, LA
Pascagoula-Moss Point, MS
Cameron, LA
Alaska Penninsula (Other), AK
Astoria, OR
Total
Thousand MT
341
227
207
178
176
156
113
104
87
77
1,666
%
8.1%
5.4%
4.9%
4.2%
4.2%
3.7%
2.7%
2.5%
2.1%
1.8%
39.5%
Top 10 Ports
New Bedford, MA
Dutch Harbor, AK
Kodiak, AK
Aleutian Islands (Other), AK
Honolulu, HI
Alaska Penninsula (Other), AK
Empire-Venice, LA
Bristol Bay (Other), AK
Naknek, AK
Galveston, TX
Total
USD millions
411
214
170
119
100
99
80
79
78
74
1,424
%
8.0%
4.2%
3.3%
2.3%
2.0%
1.9%
1.6%
1.5%
1.5%
1.5%
27.9%
volume and five of the top ten ports in terms of value were located in Alaska, highlighting the importance of the industry to the State’s economy.
Source: NOAA Fisheries
28 North America Seafood Market Report
The United States Seafood Industry
U.S. Seafood Trade
29North America Seafood Market Report
U.S. Seafood Trade Balance The U.S. is the fifth largest exporting country and the second largest importer of seafood. The U.S. imports around 90% of its seafood. Total seafood imports increased by 27% from $13.3 billion in 2009 to $16.9 billion in 2011 and have remained relatively stable since then. Total exports rose by 38% from $4.0 billion in 2009 to $5.5 billion in 2011 and remained relative constant in subsequent periods.
The country’s annual seafood trade deficit can be seen in the following figure.
U.S. Trade Balance in Edible Fishery Products
USD
billio
ns
Total Imports Total Exports Trade Balance (Export - Import)
20
15
10
5
0
(5)
(10)
(15)2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: NOAA Fisheries
30 North America Seafood Market Report
U.S. Seafood Exports China has been the largest export destination with approximately 25% of the total export value in 2013. Since 2010, exports to China have increased by 59% from $912 million in 2010 to $1.4 billion in 2013. The three largest export destinations, China, Canada and Japan, account for 56% of the total export value.
Export Destinations(USD millions)
1,6001,4001,2001,000
800600400200
0China Canada Japan South
KoreaGermany Netherlands France
2013 2012 2011 2010
Export Destination, 2013by Value
China
Canada
Japan
South Korea
Germany
Netherlands
France
Other
25%
8%
25%
3%3%
6%
13%
17%
Source: NOAA Fisheries
31North America Seafood Market Report
U.S. Seafood Exports Salmon is the most valuable export species. The total value of salmon exports was in excess of $1 billion and accounted for approximately 19% of the total value of seafood exports in 2013. Pollock is the second most important export species followed by lobster.
The increase in total export value from 2009-2011 was primarily due to increases in salmon, pollock (due in part to an increase in the total allowable catch during this period) and lobster.
Exports, 2013by Species and Value
11%
7%5%
36%
10%
5%
19%
3%4%
SalmonPollockLobsterSurimiCodCrab FlatfishScallopsOther
Exportsby Species (USD millions)
6,000
5,000
4,000
2,000
1,000
0
Salmon Pollock Lobster Surimi Cod Crab Flatfish Scallops Other
2007 2008 2009 2010 2011 20132012
Source: NOAA Fisheries
32 North America Seafood Market Report
U.S. Seafood Imports
China, Canada, Thailand and Indonesia accounted for 48% of the total import value in 2013. Since 2010, imports from India have almost tripled while imports from Chile have more than doubled. Imports from Thailand fell 25% during this period.
Imports, 2013by Country and Value
China
Canada
Thailand
Chile
Indonesia
Vietnam
India
Equador
Other
16%
9%
7%
26%
8%8%
15%
5%
6%
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Imports by Country (USD millions)
2013 2012 2011 2010
ChinaCanada
Thailand
Indonesia
Vietnam Chile
EcuadorIndia
Source: NOAA Fisheries
33North America Seafood Market Report
U.S. Seafood Imports Shrimp is the most important import species. In 2013, the value of shrimp imported into the U.S. was $4.7 billion, which represented 28% of total seafood imports of $16.6 billion. The value of imported salmon increased 27% from $1.82 billion in 2010 to $2.32 billion in 2013 and accounted for 14% of total imports in 2013.
Imports by Species (USD millions)
Shrimp Salmon Tuna Crab Lobster Tilapia Scallops Cod Other
18,00016,00014,00012,00010,000
8,0006,0004,0002,000
02007 2008 2009 2010 2011 20132012
Source: NOAA Fisheries
Imports, 2013by Species
25%
14%
28%
9%8%6%
6%2%2%
ShrimpSalmonTunaCrabLobsterTilapiaScallopsCodOther
34 North America Seafood Market Report
U.S. Aquaculture
35North America Seafood Market Report
U.S. Aquaculture Aquaculture volume peaked in 2004, with total production of 607,570 MT. Since 2004, aquaculture production has declined by 31%. The volume for 2012 was 420,024 MT, an increase of 6% from 2011.
Aquaculture Production
Thou
sand
MT USD thousands
700
600
500
400
300
200
100
0
1,200
1,000
800
600
400
200
01990 1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Volume Value (r.axis)
Despite the decrease in volume since 2004, the value of aquaculture production has been growing steadily for the past two decades, peaking in 2011 with a total value of roughly $1.1 billion. In 2012, the value declined by 9% to $1.0 billion.
Source: FAO
36 North America Seafood Market Report
U.S. Aquaculture
Channel catfish is the largest U.S. aquaculture species by volume followed by American cupped oyster. These two species accounted for 61% of 2012 production volume. Channel catfish was also the highest value species, accounting for 32% of the total value of U.S. aquaculture production.
Volume Value
Aquaculture Production, 2012 by Species
37%32%
6%
31%7%
17%
10%
8%
8%
15%
24%7%
Channel catfish
American cupped oyster
Red swamp crawfish
Pacific cupped oyster
Northern quahog (hard clam)
Other
Channel catfish
Red swamp crawfish
Atlantic salmon
American cupped oyster
Northern quahog (hard clam)
Other
Source: NOAA Fisheries
37North America Seafood Market Report
U.S. Consumption
38 North America Seafood Market Report
U.S. Consumption
U.S. animal protein consumption peaked in 2004 and has declined in recent years due to a reduction in the consumption of red meat. During the past five years, per capita consumption fell by 9 % from 90.9 kg in 2007 to 82.3 kg in 2012. Consumption of seafood as a percentage of total animal protein consumption has been relatively stable at approximately 8%.
In the U.S., most seafood is consumed away from the home. The food service segment represents approximately 66% of total seafood sales
compared to 33% for retail. Per capita seafood consumption fell by 10% in the last two years from 7.2 kg in 2010 to 6.5 kg in 2012.
The largest product category is fresh and frozen fish and shellfish, which accounts for almost 75% of total consumption.
Annual Animal Protein Consumption (kg per person)
20002001
20022003
20042005
20062007
20082009
20102011
2012
89.3 88.0 90.9 90.4 91.4 90.8 91.0 90.9 88.4 86.6 85.6 83.3 82.3
SeafoodPoultryPorkRed meat
Annual Seafood Consumption (kg per person)
20002001
20022003
20042005
20062007
20082009
20102011
2012
6.9 6.7 7.1 7.4 7.5 7.4 7.2 7.2 7.2 6.8 6.5
7.57.3
CuredCannedFresh and frozen
Source: ERS/USDA; NMFS
39North America Seafood Market Report
Canadian Seafood Industry
40 North America Seafood Market Report
Canada’s Main Fishing Areas
The Canadian fisheries and aquaculture industry is concentrated on the Atlantic Coast. The Maritime Provinces of Newfoundland and Labrador (NFL), Nova Scotia, Prince Edward Island (PEI) and New Brunswick, accounted for 77% of total landings and 82% of the total value of Canada’s commercial fisheries production in 2012.
Atlantic Coast Provinces: Newfoundland & Labrador, Nova Scotia, Prince Edward Island, New Brunswick and Quebec
Total Landings:Volume: 674,000 MTValue: CAD 1.9 billion
Main Species:Shrimp, herring, snow crab, lobster, scallop and clams
Aquaculture: Volume: 87,130 MTValue: CAD 406 million
Pacific Coast Provinces: British Columbia
Total Landings: Volume: 130,000 MTValue: CAD 213 million
Main Species: Hake, salmon, halibut, clams and crab
Aquaculture: Volume: 81,395 MTValue: CAD 400 million
Inland Provinces: Ontario and Manitoba
Total Landings: Volume: 29,000 MTValue: CAD 67 million
Main Species: Ontario and Manitoba are the most import-ant inland fisheries, comprising about 90% of total freshwater landings
Aquaculture: Volume: 5,534 MTValue: CAD 28 million
Source: Fisheries and Oceans Canada
41North America Seafood Market Report
State of the Resource in Canada The Canadian seafood industry is highly regulated with resource management and capture (both wild and farmed) governed by policies set by both federal and provincial governments. The federal government has jurisdiction over the resource, from its natural habitat to the landing dock, and is also responsible for the following:
• Management and regulation of fishing licenses and leases
• Setting of quotas
• Approving the transfers of quotas
• Monitoring fishing gear and vessels
• Establishing fishing areas and seasons
• Handling (landing, loading, and transporting catches)
• Boating safety and surveillance in fishing areas
• Fish inspection and marketing standards
Harvesting is governed by federal fish harvesting licenses and associated quotas are administered by the Department of Fisheries and Oceans (DFO). Quotas are rights granted by DFO to holders of a fish harvesting license to fish a certain volume of a specific species, either exclusively or in competition with other licensed parties. The DFO determines the total allowable catch (TAC) for each species based on scientific advice. Harvesting is regulated through a quota and enterprise allocation system.
The provincial governments are responsible for land-based activities such as fish processing and issuing water lot leases for aquaculture operations. All fish processing plants in Canada require a combination of federal and provincial licenses to operate.
Source: Agriculture and Agri-Food Canada
42 North America Seafood Market Report
Source: Fisheries and Oceans Canada
State of the Resource in Canada
LobsterLobster is Canada’s most valuable seafood export and an iconic Canadian species exported around the world. There has been a general upward trend in landings in recent decades. In 2009, total landings were 56,554 MT; the second highest on record in the last 20 years. The lobster resource is managed through various measures including limits to the number of licences, trap limits, length of fishing seasons, number of fishing days, total allowable catch quotas (in the offshore lobster fishing area) and size restrictions.
ScallopThe sea scallop (giant scallop) is one of the most important commercial shellfish species in Canada. Management measures include entry limits, total allowable catch quotas for each fishing area, meat counts, vessel and dockside monitoring and industry-managed closures designed to protect juvenile scallops and increase yields.
ShrimpCanada exports more coldwater shrimp than any other country in the world and shrimp is Canada’s fourth most valuable seafood export. Canada’s shrimp populations are healthy and sustainably managed and landings are above the average over the last 15 years. Annual fishing quotas are in line with scientific advice to maintain the future health of the populations.
Fishery management measures include minimum trawl mesh size, specialized equipment to minimize bycatch, at sea and dockside monitoring and the use of closed areas.
43North America Seafood Market Report
HerringThe herring fishery is the largest small pelagic fishery in eastern Canada with annual landings of 123,000 MT in 2012. Many different types of management tools have been applied to the herring fishery, including quotas, season and area closure during spawning periods and enhanced monitoring.
Snow Crab (Queen Crab)Canada is the world’s largest producer of snow crab, accounting for about two-thirds of the global supply. Snow crab is the second most valuable Canadian fishery export product. There are approximately 60 Snow Crab Management Areas in Canada spanning four DFO regions. In 2010, 4,326 snow crab fishery licenses were issued. The management of the snow crab fishery is based on annual total allowable catch, quotas, effort controls, size limits, minimum mesh size of traps, fishing seasons, areas and soft-shelled (also known as white crab) protocols.
Source: Fisheries and Oceans Canada
State of the Resource in Canada
44 North America Seafood Market Report
Canadian Seafood Production
45North America Seafood Market Report
Canada Seafood Production Volume
The total volume of commercial landings in marine waters has steadily declined during the past several years. During the past five years, total landings fell by 21% from 1.0 million MT in 2007 to 803,400 MT in 2012. Total landings decreased by 6.4% in 2012 following an 8.6% decrease in 2011.
Commercial Fisheries Production by Species (Thousand MT)
1,000
800
600
400
200
0
Shrimp HakeHerring OtherSnow crab Lobster
2007 2008 2009 2010 2011 2012
Commercial Fisheries Production, 2012by Species
Shrimp
Herring
Snow crab
Lobster
Hake
Scallop
Other
19%
7%
7%9%
12%
15%
31%
Coldwater shrimp and herring were the highest volume species in 2012. Together, these two species accounted for approximately one-third of total landings.
Among the six highest volume species, herring and shrimp contributed the most to the decline in total landings during this period, falling by 56,000 MT and 39,000 MT, respectively. In contrast, lobster landings increased by 26,000 MT (53.0%) during this period.
Source: Fisheries and Ocean Canada
46 North America Seafood Market Report
Canada Seafood ProductionValue
Despite the decline in total landings, the value of Canada’s commercial fisheries has recovered in the past two years, following steady declines from 2007-2010. The total value increased by 1.0% to CAD 2.1 billion in 2012 following a 28.7% increase in 2011. The increase in total value in 2011 was primarily due to price increases for lobster and crab. The decline in value from 2007-2010 reflects the strengthening of the CAD relative to the USD and other major currencies.
Source: Fisheries and Ocean Canada
Commercial Fisheries Production by Species (CAD millions)
2,500
2,000
1,500
1,000
500
0
LobsterHalibutClams / Quahaug
Snow crabOther
Shrimp Scallop
2007 2008 2009 2010 2011 2012
Despite accounting for less than 10% of total landings, lobster is the most valuable species, representing 31% of total value in 2012. Crab and shrimp are the next most valuable species. Together, these three shellfish species accounted for approximately 68% of the total value of Canada’s commercial fisheries.
Commercial Fisheries Production by Species (CAD millions)
2012
20102011
2009
Lobster
Snow Crab
Shrimp
Scallop
Clams/ Quahaug
Halibut
429
347
114
67
64
663
47North America Seafood Market Report
Canada Seafood ProductionValue per MT The chart below shows the development in the price of the six most valuable species from 2007 to 2012. The chart highlights the increase in the prices of lobster and crab since 2010.
Source: Fisheries and Ocean Canada
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
9.73
8.86
4.62
2.402.32
2.14
2007 2008 2009 2010 2011 2012
Halibut Shrimp ScallopLobster Snow crab Clams/Quahaug
Price Development of Major Species(CAD per MT)
48 North America Seafood Market Report
Canada Seafood Production Landings by Provinces
The two most important Provinces in terms of volume and value are Newfoundland and Labrador and Nova Scotia. In 2012, NFL accounted for 34% of total landings and 30% of the value of Canada’s commercial fisheries. Nova Scotia accounted for a higher proportion of the value due to its emphasis on higher value shellfish species. Located on the west coast of Canada, British Columbia is the third most important province, representing 16% of total landings and 10% of total value.
Source: Fisheries and Ocean Canada
Volume Value
Commercial Fisheries Production, 2012by Province
Newfoundland & Labrador
Nova Scotia
British Columbia
New Brunswick
Quebec
Prince Edward Island
Nova Scotia
Newfoundland & Labrador
British Columbia
New Brunswick
Quebec
Prince Edward Island
34% 36%
16%
4%
10%
8%
30%
9%
7%
30%
9%
7%
49North America Seafood Market Report
Canada Seafood ProductionLandings by Provinces The tables below reflect the most important species in terms of total landings and value by province.
Commercial Fisheries Production, 2012by Volume
Commercial Fisheries Production, 2012 by Value (CAD millions)
Nova Scotia MT % Quebec MT %Scallop 48,708 21% Shrimp 18,742 33%Herring 46,612 20% Queen crab 13,528 24%Lobster 43,049 18% Herring 7,952 14%Other 97,834 41% Other 17,315 30%Total 236,203 Total 57,536
New Brunswick MT % NFL MT %Herring 25,467 34% Shrimp 102,678 38%Lobster 13,484 18% Queen crab 50,462 18%Queen crab 9,218 12% Capelin 31,153 11%Other 26,310 35% Other 89,080 33%Total 74,480 Total 273,373
PEI MT % British Columbia MT %Lobster 12,147 38% Hake 46,913 36%Herring 9,040 28% Redfish 16,584 13%Crab, other 1,942 6% Flatfishes 10,075 8%Other 9,201 28% Other 55,947 43%Total 32,330 Total 129,519
Nova Scotia Value % Quebec Value %Lobster 382.2 50% Queen crab 61.1 38%Scallop 104.0 14% Lobster 41.6 26%Queen crab 90.8 12% Shrimp 33.9 21%Other 191.5 25% Other 25.5 16%Total 768.5 Total 162.1
New Brunswick Value % NFL Value % Lobster 107.2 53% Shrimp 247.8 39%Queen crab 50.8 25% Queen crab 216.9 34%Herring 11.6 6% Greenland turbot 50.2 8%Other 31.1 15% Other 118.0 19%Total 200.7 Total 632.9
PEI Value % British Columbia Value %Lobster 112.4 79% Halibut 33.0 15%Queen crab 9.4 7% Queen crab 27.3 13%Herring 5.5 4% Clams/quahaug 26.1 12%Other 15.8 11% Other 126.7 59%Total 143.1 Total 213.1
Source: Fisheries and Ocean Canada
50 North America Seafood Market Report
Canadian Seafood Trade
51North America Seafood Market Report
Canadian Seafood Exports
Canada is the ninth largest seafood exporting country and sixteenth largest importer of seafood. Historically, Canada’s seafood exports have exceeded its imports, resulting in annual trade surpluses. Canada’s export volume was flat in 2013 compared to 2012 at approximately 595 million MT. However, volume has been trending downwards since 2007. In contrast, the value of Canada’s seafood exports increased by 6.4% from CAD 4.2 billion in 2012 to CAD 4.4 billion in 2013 and was up 14% compared to 2007.
Source: Fisheries and Ocean Canada
Export Destinations (CAD millions)
3,000
2,500
2,000
1,500
1,000
500
0US Europe China Japan Hong Kong Russia UK
Export Destinations, 2013by Value
US
China
Japan
Hong Kong
Russia
UK
Other
14%
10%
3%
6%
2%
63%
2%
The main market for Canadian seafood was the U.S., accounting for 63% of total export value in 2013. China is the second largest export destination with 10% of Canada’s export value followed by Japan at 6%. Exports to the U.S. increased by 8.5% to CAD 2.8 billion in 2013 from CAD 2.6 billion in 2012.
2013
20112012
52 North America Seafood Market Report
Canadian Seafood Exports
The most valuable Canadian export species in 2013 were lobster, crab, salmon and shrimp. The combined value of these species represented 70% of the total export value. The increase in the export value of lobster and crab was primarily due to higher export volumes.
Source: Fisheries and Ocean Canada
Exportsby Species (CAD millions)
5,0004,5004,0003,5003,0002,5002,0001,5001,000
5000
Lobster ScallopCrab Salmon OtherShrimp, prawn Herring
2007 2008 2009 20132012
2013
20112012
Lobster Crab Salmon Shrimp, prawn
Herring Scallop
Exports (CAD millions)
1.167
826
662
440
152 150
53North America Seafood Market Report
Canadian Seafood Exports
Nova Scotia led Canadian provinces in 2013 with exports of CAD 1.1 billion. New Brunswick’s exports have increased by 45% since 2009, reflecting the increasing importance of farmed salmon exports.
Source: Fisheries and Ocean Canada
Exports, 2013by Province and Value
Nova Scotia
New Brunswick
British Columbia
Newfoundland
Quebec
Prince Edward Island
Other
24%
5%
20%
4%
23%
5%
19%
1,100
1,000
900
800
700
600
500
Exports by Provinces (CAD millions)
2008 2009 2010 2011 2012 2013
1,062
1,012 904
827
Nova Scotia New BrunswickBritish Columbia Newfoundland
54 North America Seafood Market Report
Canadian Seafood Imports
The value of Canada’s seafood imports increased by 7.8% in 2013 to CAD 3.0 billion, despite a 5.1% decrease in volume. The U.S. is Canada’s most important trading partner, accounting for 36% of total imports. Asia was also an important supplier, representing more than 30% of total import value.
Source: Fisheries and Ocean Canada
Imports by Country (CAD millions)
1,200
1,000
800
600
400
200
0US ChileChina IndiaThailand Vietnam
Imports, 2013 by Country and Value
US
China
Thailand
Vietnam
Chile
India
Other6%
4%
5%
14%12%
23%
36%
2013
20112012
55North America Seafood Market Report
Canadian Seafood Imports
Shrimp accounted for 18% of the total import value in 2013. The total value of shrimp imports was CAD 528 million, an 8% increase from 2012. The value of imported salmon increased by 17% to CAD 468 million in 2013 and represented 16% of total import value. Shellfish accounted for more than 30% of the total value of seafood imports in 2013.
Source: Fisheries and Ocean Canada
Importsby Species (CAD millions)
3,000
2,500
2,000
1,500
1,000
500
0
Shrimp, prawnTuna
Fish, NESCrab Other
SalmonLobster
2007 2008 2009 2010 2011 20132012
Imports, 2013by Species and Value
Shrimp, prawn
Fish, NES
Salmon
Lobster
Tuna
Crab
Other
18%
8%
8%
4%
16%
17%
29%
56 North America Seafood Market Report
Canadian Aquaculture
57North America Seafood Market Report
Canadian Aquaculture
According to FAO, Canada ranked 25th among world aquaculture producers in 2012. During the past 20 years, Canada’s total aquaculture production has increased at a CAGR of 6.8% from approximately 47,000 MT in 1992 to 174,000 MT in 2012.
Atlantic salmon is Canada’s top aquaculture product, representing about 62% of total production in 2012. Canada is the world’s third largest farmed salmon producer. Other key aquaculture species are mussels, oysters and trout.
Source: Fisheries and Ocean Canada
The value of aquaculture production has increased in line with the rise in total volume during the past 20 years. In 2012, the total value of Canadian aquaculture products was CAD 825 million. Atlantic salmon is the most important species, representing 72% of the total value in 2012.
Volume Value
Aquaculture Production by Species
Thou
sand
MT
CAD
Milli
ons
200180160140120100
80604020
0
900800700600500400300200100
0
Salmon SalmonOther OtherMussels MusselsOysters TroutTrout Oysters
2002 20022008 20082006 20062007 20072005 20052004 20042003 20032009 20092010 20102011 20112012 2012
58 North America Seafood Market Report
Canadian Aquaculture
Aquaculture production is equally divided between the Pacific and Atlantic coasts. In 2012, British Columbia accounted for about 48% of total production volume, followed by New Brunswick at 18%, Prince Edward Island at 14% and NFL at 12%.
Source: Fisheries and Ocean Canada
According to FAO, aquaculture employs about 15,500 people in full-time, well-paying jobs that are primarily located in smaller coastal and rural communities. Canada’s farmed salmon industry provides more than 10,000 jobs alone.
Volume Value
Aquaculture Production, 2012 by Province
British Columbia
New Brunswick
PEI
Newfoundland
Nova Scotia
Ontario
Quebec
British Columbia
New Brunswick
Newfoundland
Nova Scotia
PEI
Ontario
Quebec
48% 49%
14%
5%5%6%
2% 2%1% 1%
18%24%
12%
14%
59North America Seafood Market Report
Canadian Consumption
60 North America Seafood Market Report
Canadian Protein Consumption
Per capita consumption of animal proteins has decreased by approxi- mately 10% since 2000. Similar to trends in other parts of the world, consumption of red meat has fallen while consumption of poultry has increased. Per capita seafood consumption increased by 12% to 8.6 kg in 2011 from 7.7 kg in 2010, but is below the levels seen in the early 2000s. The downward trend in per capita seafood consumption is primarily a result of lower landing volumes. As a percent of total animal protein consumption, seafood has remained relatively stable at approximately 8.5%.
Source: Fisheries and Ocean Canada
Annual Animal Protein Consumption(kg per person)
20002001
20022003
20042005
20062007
20082009
20102011
108.8 109.0 108.0 106.5 107.2 102.9 103.9 105.9 102.1 101.6 98.2 98.0
Red Meat Poultry Seafood
61North America Seafood Market Report
62 North America Seafood Market Report
DisclaimerThis report was produced by Íslandsbanki hf.
The information in this report is based on publicly available data and information from various sources deemed to be reliable. The information has not been independently verified by Islandsbanki hf. (“Islandsbanki”) and Islandsbanki does not guarantee that the information is comprehensive or accurate. All views expressed herein are those of the author(s) at the time of writing and may change without notice. Islandsbanki holds no obligation to update, modify or amend this report or to otherwise notify readers or recipients of this report in the event that any matter contained herein changes or subsequently becomes inaccurate.
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