Northern America's Seafood Meals and Pellets Market Poised for Steady Growth With a +0.7% CAGR in Value

IndexBox has just published a new report: Northern America - Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs - Market Analysis, Forecast, Size, Trends And Insights.

The article provides a comprehensive analysis of the Northern American market for flours, meals, and pellets of fish, crustaceans, and molluscs from 2013-2024, with forecasts to 2035. In 2024, consumption was 572K tons ($904M), with the United States accounting for 86% of volume. Production was 551K tons ($855M), also heavily concentrated in the US. The market is forecast to grow at a CAGR of +0.5% in volume and +0.7% in value through 2035, reaching 604K tons and $976M. Imports have grown to 132K tons ($263M), while exports have declined to 110K tons ($178M). The US is the dominant producer, consumer, and exporter, while both the US and Canada are significant importers.

Key Findings

• Market forecast to reach 604K tons and $976M by 2035, growing at CAGRs of +0.5% and +0.7% respectively
• The United States dominates the market, constituting 86% of consumption and 95% of production in 2024
• Imports are growing steadily, reaching 132K tons in 2024, driven by demand in both the US and Canada
• Exports have contracted, with the US as the sole significant supplier, facing a -10.7% decline in volume in 2024
• Per capita consumption is highest in Canada at 2.1 kg, compared to 1.4 kg in the United States

Market Forecast

Driven by increasing demand for flours, meals and pellets of fish or of crustaceans and molluscs in Northern America, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 604K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.7% for the period from 2024 to 2035, which is projected to bring the market value to $976M (in nominal wholesale prices) by the end of 2035.

Consumption

Northern America's Consumption of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Seafood meals and pellets consumption fell to 572K tons in 2024, approximately equating 2023. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2023 when the consumption volume increased by 3.6%. As a result, consumption attained the peak volume of 580K tons, and then dropped slightly in the following year.

The revenue of the seafood meals and pellets market in Northern America declined to $904M in 2024, which is down by -3.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.6% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $935M in 2023, and then fell modestly in the following year.

Consumption By Country

The United States (491K tons) constituted the country with the largest volume of seafood meals and pellets consumption, accounting for 86% of total volume. Moreover, seafood meals and pellets consumption in the United States exceeded the figures recorded by the second-largest consumer, Canada (81K tons), sixfold.

From 2013 to 2024, the average annual growth rate of volume in the United States was relatively modest.

In value terms, the United States ($744M) led the market, alone. The second position in the ranking was taken by Canada ($160M).

From 2013 to 2024, the average annual rate of growth in terms of value in the United States amounted to +2.6%.

The countries with the highest levels of seafood meals and pellets per capita consumption in 2024 were Canada (2.1 kg per person) and the United States (1.4 kg per person).

From 2013 to 2024, the biggest increases were recorded for the United States (with a CAGR of +0.2%).

Production

Northern America's Production of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

In 2024, approx. 551K tons of flours, meals and pellets of fish or of crustaceans and molluscs were produced in Northern America; waning by -4.3% on the previous year's figure. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2023 with an increase of 12% against the previous year. The volume of production peaked at 596K tons in 2019; however, from 2020 to 2024, production remained at a lower figure.

In value terms, seafood meals and pellets production fell to $855M in 2024 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2018 with an increase of 18%. Over the period under review, production hit record highs at $903M in 2023, and then contracted in the following year.

Production By Country

The country with the largest volume of seafood meals and pellets production was the United States (525K tons), accounting for 95% of total volume. Moreover, seafood meals and pellets production in the United States exceeded the figures recorded by the second-largest producer, Canada (25K tons), more than tenfold.

In the United States, seafood meals and pellets production remained relatively stable over the period from 2013-2024.

Imports

Northern America's Imports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Seafood meals and pellets imports expanded slightly to 132K tons in 2024, picking up by 3.3% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when imports increased by 27% against the previous year. Over the period under review, imports reached the peak figure at 141K tons in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

In value terms, seafood meals and pellets imports reached $263M in 2024. Total imports indicated a buoyant expansion from 2013 to 2024: its value increased at an average annual rate of +5.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +37.8% against 2018 indices. The pace of growth was the most pronounced in 2014 when imports increased by 23% against the previous year. Over the period under review, imports attained the maximum in 2024 and are expected to retain growth in the immediate term.

Imports By Country

The purchases of the two major importers of flours, meals and pellets of fish or of crustaceans and molluscs, namely the United States and Canada, represented more than two-thirds of total import.

From 2013 to 2024, the biggest increases were recorded for the United States (with a CAGR of +4.3%).

In value terms, the United States ($147M) and Canada ($116M) appeared to be the countries with the highest levels of imports in 2024.

The United States, with a CAGR of +6.0%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review.

Import Prices By Country

The import price in Northern America stood at $1,995 per ton in 2024, remaining stable against the previous year. Over the last eleven-year period, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2022 when the import price increased by 12% against the previous year. Over the period under review, import prices hit record highs in 2024 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Canada ($2,075 per ton), while the United States totaled $1,937 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Canada (+2.1%).

Exports

Northern America's Exports of Flours, Meals And Pellets Of Fish Or Of Crustaceans And Molluscs

Seafood meals and pellets exports contracted to 110K tons in 2024, falling by -10.7% compared with 2023. Over the period under review, exports continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2023 with an increase of 32%. Over the period under review, the exports attained the maximum at 173K tons in 2019; however, from 2020 to 2024, the exports failed to regain momentum.

In value terms, seafood meals and pellets exports contracted to $178M in 2024. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2023 when exports increased by 41% against the previous year. The level of export peaked at $231M in 2016; however, from 2017 to 2024, the exports remained at a lower figure.

Exports By Country

The United States (110K tons) represented roughly 100% of total exports in 2024.

The United States was also the fastest-growing in terms of the flours, meals and pellets of fish or of crustaceans and molluscs exports, with a CAGR of -2.8% from 2013 to 2024. The United States (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($177M) also remains the largest seafood meals and pellets supplier in Northern America.

In the United States, seafood meals and pellets exports remained relatively stable over the period from 2013-2024.

Export Prices By Country

In 2024, the export price in Northern America amounted to $1,611 per ton, dropping by -2.9% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2018 when the export price increased by 20% against the previous year. Over the period under review, the export prices hit record highs at $1,659 per ton in 2023, and then shrank modestly in the following year.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2013 to 2024, the rate of growth in terms of prices for the United States amounted to +2.4% per year.