How Much Is The Fishing Industry Worth in 2024?

How Much Is The Fishing Industry Worth in 2024?

The global fishing industry has been rapidly growing over the past few years, reaching a worldwide market value totaling billions.

Let’s dive deeper into some financial statistics concerning the fishing industry. With this information on hand, your seafood business will be able to more competently navigate the industry.

The financial value of the fish market

The fishing industry has grown significantly in recent years. Its worldwide market value has been on the rise, reaching a record high in 2020 with a total value of $276.5 billion. According to the United States National Oceanic and Atmospheric Administration (NOAA), the industry accounts for 1.5% of the world’s gross domestic product (GDP). Over 200 million people rely on income from the fishing industry worldwide. 

In 2019, commercial fisheries in the United States generated over $10.5 billion in sales. Among the various seafood products on the market, tuna ranks the highest in popularity, generating $5 billion in profit annually. Needless to say, the seafood industry generates a plethora of revenue for the global economy. 

The consequences of meeting high demand

Despite the positives of this massive industry growth, it’s had significant negative impacts as well, including environmental concerns, pollution, and overfishing. Overfishing affects 33% of the world’s commercial fish stocks.

Even with the rise of farm-raised fishing (with aquaculture surpassing wild-caught fisheries in popularity in 2016), it hasn’t been enough to meet global demand and curb the negative effects of wild-caught fishing. 31% of wild-caught fish come from stocks that are being overfished.

Demand is so high that it’s been driving regions to fish illegally. Illegal fishing has effectively saved companies money and driven sales, but at the terrible cost of disease among fish populations, poor worker conditions, coast damage along the Atlantic and Pacific Oceans, water pollution, and irreversible damage to certain a-risk regions.

Efforts have been made to curb it, with governments promoting and encouraging sustainable seafood production.

The global rise in fish exports  

The Food and Agriculture Organization states that the growth rate of fish consumption will soon exceed that of the world’s population. To meet growing demand, the global industry and local governments are working to bolster exports to get products to market faster.

For example, the Indonesian government created the Program to Increase Fisheries Exports (PROTEKAN) to increase fishery exports, while Vietnam has aimed to support bilateral trade agreements with countries like China, the United States, Canada, and India. Vietnam also signed a free trade agreement with the European Union in 2020 to export more fish to European countries.

According to the International Trade Center, global imports have increased by 24%, benefitting the industry as a whole.

The largest fish market: the Asia Pacific 

For some time, Asia Pacific countries like China and India have been dominating the seafood market, both in terms of fish consumption and production. 

Though China is the world’s leading producer of fish today (harvesting over 17.8 million metric tons annually), India and Indonesia are quickly catching up. This is largely due to mass urbanization and high disposable income among citizens.

The Indian and Indonesian governments have recognized this trend and are placing more emphasis on seafood exports. They’ve also invested in new technology, such as high-pressure processing, to improve efficiency.

The future of the fishing industry

According to the Food and Agriculture Organization (FAO), it’s estimated that one billion people worldwide primarily rely on fish for their protein intake, and this number is likely to remain stable. This is due to the fact that fish is rich in protein, low in calories, and contains essential nutrients like omega-3 fatty acids, which are beneficial for reducing the risk of skin aging and cardiovascular diseases. 

Thanks to advancements in technology, the seafood industry has made significant strides in recent years, particularly in cold chain management, distribution, production, and shipping. 

Along with this, government support and subsidization are continuing to stimulate industry growth. For example, the Marine Products Export Development Authority is developing a global positioning system to enhance traceability and quality control. 

Despite fish shortages, the global seafood market is expected to continue its expansion. Apart from the factors already mentioned, the popularity of seafood can also be attributed to many restaurants serving exotic fish and the growing trend of pescetarianism, which combines seafood with a vegetarian diet.

Even with market volatility, supply and demand for fish products will persist. Forecasting trends predict the industry will experience growth to $730 billion by 2030. Asia Pacific will continue to dominate as the largest and the fastest growing market. 

Finance your seafood business with Silo

Empower your business with the funding it needs to grow within the seafood industry.

With Silo Capital, you can avoid the stringent requirements of big banks and the high fees from lenders. Silo is an alternative solution that allows simple and easy access to working capital.

Silo Instant Pay sets your business up for success. With Instant Pay, you won’t have to wait for your customer to pay their invoice. Instead, Silo will pay 90% of the invoice amount in only 2 or 3 days. Instant Pay gives you complete funding transparency and allows you to remain in control of your customer communications.

Silo Cash Advance works by giving you an advance based on expected future sales. This allows you to access funds whenever you need them to effectively manage demand, act on market opportunities, and boost profit margins.

“Silo Cash Advance gave us the freedom and flexibility to drive more sales by increasing our supply.” - Ryan Rawson, Two Oceans

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