Íslandsbanki issues North America Seafood Market report

Íslandsbanki has issued a new report on the North America Seafood Market. The report will be distributed to participants at the European Seafood Exposition that will commence in Brussels on the 6th– 8th of May 2014. The report, prepared by Íslandsbanki Seafood Team, will also be available on the banks website, www.islandsbanki.is/seafood. Íslandsbanki will be stationed at booth nr. 834 in Hall 6 in Brussels. 

Global seafood market 

Fish and other seafood products are an important source of protein. According to the Food and Agricultural Organization of the United Nations (FAO), seafood accounted for 16.6% of the world population’s intake of animal protein in 2009. Seafood supply grew at an average rate of 3.2% per year during the period from 1961-2009, outpacing the average growth rate in the world population of 1.7% p.a. Increasing demand for seafood has been driven by growth in the world population and increasing per capita consumption, reflecting a shift to healthier eating choices and rising income levels in developing countries. Compared to other sources of animal protein, the Seafood industry is extremely diverse. There are almost 2,000 species in FAO’s capture production database with many different types of species and products being produced to meet consumer demands which vary based on regional preferences, income levels, supply, distribution infrastructure and other factors. Although there has been a recent trend towards consolidation, the Seafood industry remains highly fragmented. 

 Key highlights 

• With total production of 4.2 million MT, the United States is the third largest fishing country in the world and one of the most important consumer markets for seafood. 

• Canada produces approximately 800,000 MT annually and is the ninth largest seafood exporting country. 

• Alaska pollock is the most important U.S. species by volume, representing 31% of total landings. Crab is the highest value species. 

• The Canadian seafood industry is concentrated in the Maritime Provinces. Coldwater shrimp and herring are the highest volume species while lobster is the most important species by value. 

• Canadian aquaculture is growing rapidly. Canada is the fourth largest producer of farmed salmon, behind Norway, Chile and Scotland. 

Íslandsbanki Seafood Team 

Íslandsbanki employs a group of experts who focus on the seafood industry. The group is part of the corporate banking unit and handles relationships and services for domestic and foreign seafood industry companies, as well as the publication of analyses and reports. The report can be read here

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