Trap Fishing Market Size
The estimated market size of trap fishing in the US was approximately US$1.786 billion in 2017.
TRAP FISHING MARKET SIZE AND FINDINGS
- Based on the research calculation, as per data available in the public domain, the estimated market size of trap fishing in the US was US$1,785,964,435 in 2017.
- A report by the US National Oceanic & Atmospheric Association (NOAA) showed that target species for net/trap/pot fishing in the United States include crabs, lobsters, scup, shrimp, whelk, black sea bass, and eels. According to NOAA's report, these types of seafood are caught using traps.
- Another report by NOAA revealed that in 2017, U.S. crab fishing brought in US$610 million, lobster fishing brought in US$594 million, and shrimp fishing brought in US$531 million.
- In 2017, commercial landing for black sea bass fishes reached 3.99 million pounds, which amounted to US$12.24 million at US$3.07/pound, as per the most recent black sea fishery document in the US.
- As of 2018, commercial fishing for eels reached US$21.7 million in Maine, USA, according to a report by WGME. This report also observed that in the United States, fishing eels only occurred in two places, including Maine and North Carolina.
- In 2017, the commercial landing for eels was US$14,413 in North Carolina, according to the region's official commercial fishery statistics.
- A report by the Massachusetts government directory observed that the whelk species "range along the east coast from southern Massachusetts to Florida." According to the report, this species of trap fishing generates about $5 million annually.
- The commercial landing for scup fishery in 2017 was 28.35 million pounds, with the most recent value for each pound reported by the NOAA at $0.6/pound. We used this information to calculate the value of scup fishing in 2017 at (28.35 million pounds*$0.6) $17.01 million.
We began by researching relevant market and industry reports, hoping to identify those specific to trap fishing in the US. For this, we investigated directories like PR Newswire, Technavio, BusinessWire, Markets & Markets, and others. Unfortunately, there was no report in the public domain with insights specific to the market size of trap fishing in the US. However, we located a report by IBISWorld that may have the needed information, but data in this report was behind a pay-wall.
Due to the lack of publicly available info on the market size of the entire trap fishing segment in the US, we switched strategies to investigate the various species the category and the revenue each contributed. We located a report by the US National Oceanic & Atmospheric Association (NOAA), showing that trap fishing in the US includes species such as crab, lobster, shrimp, whelk, scup, black sea bass, and eels. Therefore, we proceeded to investigate each species in search of their most recent revenue information. Again, we found a report by NOAA that revealed the 2017 revenues contributed by shrimp, lobsters, and crab fishing in the US. Also, we located a 2018 "Black Sea Bass Fishery Information Document" in the United States, observing that the black sea bass species generated US$12.24 million. Another report by MASS.gov in 2019 noted that whelk fishing reaches US$5 million per year.
However, there was no direct report which revealed revenues generated by scup and eels in the US. Instead, we found a study by NOAA in 2018, which showed that 28.35 million pounds of commercial scup fishes were landed in 2017; this report also noted that the most recent value for the scup fish species in the US was US$0.6/pound. Hence, we used this information to calculate the value of scup fishes landed in 2017. A report by WGME in 2019 stated that sales from eels had exceeded US$20 million for two consecutive years. Unfortunately, this report did not reveal the exact amount generated by eels in 2017; instead, it observed that Maine produced around $21.7 million worth of eels in 2018. Also, this report noted that eel fishing took place in only two locations in the US, which included Maine and North Carolina. Hence, we researched revenue from eels in North Carolina and found that it was US$$14,413 from a study by North Carolina's commercial fishery statistics. Based on WGME's report in 2019 that sales from eels reached U$20 million in the past two years, we took the report's revenue of $21.7 million in 2018 as a proxy for the 2017 revenues, since there was no data specific to 2017. Then, we added this to the amount generated in 2017 from eels in North Carolina.
- According to NOAA's report, crab fishing brought in US$610 million, lobster fishing brought in US$594 million, and shrimp fishing brought in $531 million.
- Whelks generate about US$5 million yearly, as per MASS.gov' report.
- In 2018, sales from eels reached US$21.7 million in Maine, while the value of this species from North Carolina was US$$14,413 in 2017. Due to the lack of data for sales of eels from Maine in 2017, we took the revenue reported in 2018, as a proxy for the 2017 revenue and added it to revenues from North Carolina (US$21.7 million + US$$14,413) = US$21,714,430.
- Commercial landing for scups was 28.35 million pounds in 2017 and the value of each pound was US$0.6. Hence, the estimated revenues from scup in 2017 was (28.35 million pounds*$0.6) $17.01 million.
- In 2017, black sea bass produced US$12.24 million in sales.