U.S. Seafood Update: Fresh and Thriving

The United States Seafood market is expected to grow from $53.6 Billion in 2023 to $69.9 Billion by 2032 – a CAGR of 3%. The primary factors propelling market expansion are the increasing demand for food products high in protein and the growing health consciousness of U.S. consumers. Growth is also fueled by increasing domestic production capacity to meet the rising demand for leaner protein sources and reduce dependence on foreign imports.

The major participants in the United States Seafood market include Admiralty Island Fisheries, Beaver Street Fisheries, High Liner Foods, Inland Seafood, Mowi ASA, NH Foods, Sysco Corporation and Thai Union Group.  At GCG, we are forecasting increased M&A activity within the seafood industry both from Strategics filling out their portfolio as well as Private Equity firms executing buy-and-build strategies to achieve scale.  While Mother Nature, commodity price fluctuations, rising pollution and global warming all present formidable headwinds, we at GCG believe purchase price LTM EBITDA multiples will elevate in 2025/2026 from the historical average of 8x closer to 10x and LTM Revenue multiples should move up from 1.2x to 1.4x.

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