Global
Sustainable Seafood Market - Insights
Sustainable
seafood refers to marketing and distribution of seafood through aqua
farming or through wild catch in ways that would not harm the long
term sustainability of species while also securing the future of the
marine ecosystem. The close connection between seafood industry and
global sustainability has resulted in developing different
sustainability principles to seek and maintain ecological practices
in this industry.
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Owing
to annual rate of catch being too high and overfished, it has been
witnessed that several species are on the verge of extinction.
According to a report released by the World Wildlife Fund (WWF), it
was reported that global population of the Scombridae family of food
fish that includes tuna, bonitos reduced by 74% in 2015. Similarly,
according to the International Union for Conservation of Nature
(IUCN), the Cassava croaker is estimated to decline by 30%-60% over
the past several years affecting the marine ecosystem as well as
impacting the local fisheries with the decline of local stocks.
Developed
economies such as North America and Europe hold largest market share
for sustainable seafood while emerging economies such as APAC are
reported to be fastest growing region in the market, owing to
increasing awareness regarding sustainable seafood.
However,
lack of stringent government regulations regarding illegal fishing
techniques in the emerging economies is restraining market growth.
Furthermore, lack of awareness among the suppliers and the consumers
and high price of certified sea food products is hampering growth of
the market among the price sensitive consumers.
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The
U.S. holds dominant position in sustainable seafood market globally,
owing to high sea food consumption in the country. According to the
National Oceanic and Atmospheric Administration (NOAA), in 2016, the
value of fish landings in the U.S accounted for US$ 5.3 billion, an
increase of over 2.1% over the previous year. The same study also
revealed that 92% of the processed fishery products is used for human
consumption. Furthermore, stringent laws and regulations and high
awareness among the suppliers and consumers is propelling demand for
sustainable seafood in the region.
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