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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