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Sustainable Seafood Market

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The global sustainable seafood market was valued at US$ 12.71 billion in 2017 and is anticipated to register a CAGR of 4.97% in terms of revenue, over the forecast period (2018 – 2025) to reach US$ 18.63 billion by 2025.
Sustainable Seafood Market - Global Forecast to 2025
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. Furthermore, illegal fishing techniques carried by local
fisheries have also impacted the marine biodiversity since recent past. Some of
these fishing techniques used include bottom trawling, bycatch, cyanide fishing,
dynamite fishing, and ghost fishing.
For instance, in bottom trawling, considered one of the most harmful techniques is
basically an industrial method where enormous nets are weighed down with heavy
ballast and are dragged along the sea floor, thereby damaging the marine life. As a
result, in heavily fished areas such as around coral seamounts of Southern Australia,
around 90% of the corals have been found to be damaged. Hence, to maintain a
sustainable ecosystem, several countries have banned this technique. For instance,
in 2017, the EU implemented the ban on deep-sea bottom trawling beyond 800
meters in a move to protect the ocean ecosystem from industrial fishing. Similarly,
bycatch in which the incidental capture of non-target marine species such as
dolphins and turtles results in discarding of fishes and resulting in polluting the
marine life. According to the WWF, bycatches represents around 40% of the global
marine catches leading to high waste of food for both humans and marine species.
However, lack of stringent government regulations on illegal catch and fishing
techniques majorly in the emerging economies is major restrain for market growth.
Furthermore, lack of awareness among the suppliers and the consumers is a major
challenge in the market. Moreover, high price of certified sea food products is
negatively impacting growth of the market among the price sensitive consumers.
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
sustainability.
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. Organizations such as Greenpeace, NOAA and Marine
Stewardship Council (MSC) are playing a key role in ensuring sustainable sourcing
and supply of seafood without impacting the sea food industry. Furthermore,
sustainable seafood campaigns supported by the FAO are playing a key role in the
growth of the market. Moreover, growing consumer awareness along with NGO and
media campaigns have further accelerated the demand for sustainable sea food
market with focus on responsible sea food demand, transparency in supply chain
and adherence to laws and regulations. Sustainable sourcing of seafood by some of
the major retailers operating in the US such as ALDI, Walmart, WholeFoods is also
boosting the market growth in the region.
The global sustainable seafood market was valued at US$ 12.71 billion in 2017 and
is anticipated to register a CAGR of 4.97% in terms of revenue, over the forecast
period (2018 – 2025) to reach US$ 18.63 billion by 2025.
Retailers operating in the sustainable sea food market are adopting different
strategies including collaborations, product expansions, increasing geographic
presence among others for business expansion. For instance, in 2017, Lidl
committed to stocking only MSC certified fresh and wild frozen seafood and farmed
seafood certified by the ASC or Best Aquaculture Practices (BAP) across the U.S.
stores.
Key manufacturers operating in the sustainable seafood market include M.F. Foley
Company, Inc., Zoneco Group Co., Ltd, Walker Seafoods, Nippon Suisan Kaisha,
Ltd, Thai Union Group, Maruha Nichiro Corporation, Austral Fisheries, Pacific Andes
Group, Marine Harvest ASA, AgriMarine Holdings, Kyokuyo Suisan Co., Ltd.,
Mitsubishi Corporation, and others.
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apeksha motghare
apeksha motghare533   documents Email
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