EXECUTIVE SUMMARY
The United States (U.S.) is the third largest seafood market in the world, behind Japan and China. Its annual consumption is about five billion pounds.
It is estimated that Americans ate an average of 16.3 pounds of fish or seafood per person in 2008—a 0.6% increase from 2007. Despite continuing difficulties in the economic climate, per capita consumption of fish and seafood is expected to remain stable in the near future.
With the combined effect of the stronger Canadian dollar and the economic crisis making expensive food less attractive, it's expected that Americans will reduce their consumption of luxury seafood, such as lobster, and shift to cheaper, farmed seafood. However, as the economic recovery sets in, this should change again, as American consumers prefer wild-caught, fresh seafood, rather than frozen seafood.
The growing Latino community in the U.S., which traditionally likes seafood, is becoming increasingly health conscious, which could lead to an increase in the consumption of these products. This trend could offer opportunities for Canadian exporters.
In 2008, U.S. imports totaled about US $14 billion. Canada is the main supplier to the U.S., providing a wide and growing variety of fish and seafood products despite an overall decline in the sector. Other suppliers include China, Thailand, Indonesia, Chile and Vietnam. Over the 2003 to 2008 period, Canada's share decreased by 3% while China's share increased by 5%, indicating a trend toward cheaper seafood products. The financial crisis has been particularly hard on Canadian sales of lobster to the US.
