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The Alaska Seafood Marketing Institute announced Wednesday it has secured over $4.5 million in U.S. Agriculture Department funding to help ASMI compete in international markets.
USDA’s Market Access Program provides funding to cover costs of overseas marketing and promotional activities. The $4.5 million announced this week is part of a matching grant program to secure commercial export markets for U.S. agricultural products and commodities.
The money comes as the Alaska seafood industry emerges from the current global market collapse that has put tremendous financial pressure on Alaska communities, fishermen, fishing families, processors, and seafood businesses, said ASMI International Marketing Director Nicole Alba.
“The timing of the new federal funds is well-aligned with the Alaska seafood industry’s needs to combat numerous global economic pressures.
“While these funds will help ASMI grow our international efforts, they will also allow ASMI to direct the Alaska seafood industry contribution as well as state funds toward the U.S. market, where significant opportunity exists due to the Russian seafood ban. We look forward to this opportunity to help grow the Alaska Seafood brand and increase demand around the world,” Alba said.
“The ASMI International team has done a tremendous job to secure additional federal funds at a time of incredible need for the Alaska seafood industry,” she added.
ASMI has received over $17.5 million in USDA and other federal funding this year. Over the past 5 years, ASMI has been awarded over $40 million in federal funds to market Alaska seafood internationally.
Alaska supplied 1.8% of the world seafood market in 2022. According to Anchorage-based McKinley Research Group, in 2022, the most recent survey year, Alaska supplied 60% of the seafood produced in the U.S. If Alaska was a country, it would be ranked 9th as a global seafood source.
NOAA estimated last year that the Alaska fishing industry lost $1.8 billion in revenue between 2022 and 2023.
“The decrease in revenues in 2023 is largely driven by low seafood prices across nearly all Alaska species, as a result of global market forces, including exchange rates and tariffs; high inventories and high levels of global supply; lower global consumer demand for seafood due to inflation; and lower cost of seafood production and processing in countries that compete with U.S. seafood products,” NOAA wrote in a report titled “Alaska Seafood Snapshot” in August 2024.
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