The fish and seafood market is growing at a healthy pace, projected to reach nearly $20 billion in 2004, an increase of about 10% from 2003. Whether or not these positive projections come to fruition depends on a number of factors, not the least of which revolves around consumer confidence in seafood. More so than most other food segments, fish and seafood is rife with issues of mislabeling, environmental and ecological issues, confusion regarding safety, and apprehensions about quality. Given that seafood is relatively expensive when compared to beef and poultry, these issues become paramount in consumers’ minds, particularly when a weak economic situation makes consumers more discriminating about where and how to spend their hard-earned dollars.

Fortunately, fish and seafood are also benefiting from developments on the American landscape, one of which is the faltering state of Americans’ health. Fish is thought by many to be a perfect food, low in fat and calories and boasting heart and other health benefits. Thus, if manufacturers and marketers can strengthen consumer confidence and promote fish and seafood as healthy meal options, then this segment will almost certainly continue to experience healthy growth into the future.

Other key drivers that are having an impact on the fish and seafood market include the fact that meat consumption overall rose between 2001 and 2003, and this growth is expected to continue. There are a number of factors that have influenced meat consumption, which are further outlined in this report.

For the purposes of this report, only retail sales of fish and seafood are covered, including the following products:

Fresh, uncooked fish and seafood, such as salmon steaks and live lobster

Frozen, uncooked fish and seafood, such as frozen unprocessed shrimp and cod filets

Refrigerated or chilled seafood, such as lobster and crabmeat

Shelf stable fish and seafood, such as tuna, crab and sardines

Frozen prepared seafood, such as fish sticks and heat-and-eat fish filets

The report does not include restaurant or foodservice sales.