Iceland-based corporate bank, Íslandsbanki, has released its ‘United States Seafood Market Report’ that provides an insight into key trends and issues shaping the industry.
The report looks at the major seafood regions of the United States: the Atlantic Coast, Gulf of Mexico and Pacific Coast.
According to the report, the US is the fourth largest fishing country in the world and one of the most important markets for seafood. Over the past 20 years, total landings averaged 4.3 million tonnes, and landings increased by 5.6% to 4.5 million tonnes in 2013 alone.
Íslandsbanki’s report also reveals the total value of the US catch, which has increased steadily since the early 2000s, reaching US$5.5bn in 2013.
In terms of regions, the Pacific Coast is the largest US fishery, accounting for around 70% of total volume and half of total value. The Atlantic and Gulf Coast regions are smaller when measured by volume, but generally consist of higher value shellfish species, according to the report.
Key fishing states include Massachusetts, Maine, Virginia, Louisiana and Alaska.
Íslandsbanki has served the Icelandic seafood industry since 1904, when it financed the first Icelandic motorised trawler, and began its international operations in 1999. The bank has established a dedicated team within its Corporate Banking Division focusing on the seafood industry. This team provides a range of banking services to domestic and foreign seafood companies.
This report expands on the findings of Íslandsbanki’s North America Seafood Market Report, which was released in May 2014.
