Report portrays a mixed picture of Alaska’s huge seafood industry

Captain Mike Fourtner stands among salmon on the deck of his driftnet fishing boat Twin Tuition in the Naknek-Kvichak district near Naknek on July 11, 2022 in Bristol Bay.

Along with that good news, the McKinley Research Group’s report contains a warning about the industry’s economic future. While Alaska’s wild salmon and crab are considered premium products, fish from Alaska accounted for only 9% of the world salmon market and 9% of the world crab market, the report said. Competition from farmed salmon and wild Russian salmon dominates that market, according to the report. Much of the world market for crab is claimed by king crab from Russia — the world’s top king crab producer — and snow crab from Canada.

The seafood industry, between harvesters, processors and managers, accounted for 48,000 jobs on average in 2021 and 2022, equivalent to 29,100 full-time positions, the report said. That is a reduction from the 62,200 total jobs in 2019, the equivalent of 37,400 full-time positions.

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Report portrays mixed picture of Alaska’s huge seafood industrySize is a strength, and the economic value of the industry rose in 2021 and 2022, but employment is declining and recent price collapses are worrisome, the report says.
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