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Global seafood market is elected to grow from USD 387 Billion to USD 840 Billion during the next decade. This is on account of the increased consumption of seafood globally.
The market of value added products is also steadily growing. China, Thailand and Vietnam are the leaders in this regard.
Rising economies, such as India, China, SE Asian countries, are emerging as new markets for seafood consumption.
Diversification of suppliers is new and impending trend. Ecuador in South America is emerging as a new point of sourcing for all important markets.
Sustainability is becoming an area of great importance in the seafood sector. This is on account of the increasing awareness that unsustainable practices can bring about on the marine flora and fauna. Many governments insist that only products that meet the specific sustainability requirements are allowed to be imported into their territory.
Insistence of traceability on a “farm/ catch to fork” level is a part of the move for promoting sustainability in this sector so that the consumer is aware about the origin of the product that is placed on his plate.
Increased dependance on aquaculture for procuring required seafood is a recent phenomenon and it has helped to sustain the industry in the face of stagnation of yield from capture fisheries of the marine ecosystem brought about by lack of optimisation of fishing effort and impact of climate change. Farming offers the added advantage of application of technology for creating optimum conditions resulting in desired yield in terms of quality and quantity as per the market demand.
Seafood exhibit ever increasing global demand. Although still in its infancy, alternate seafood shows significant potential for growth. Alternate seafood products do not face barrier for scaling up unlike in the case of Capture or Culture fisheries. Such innovations pose an alternative way forward for the industry.
Online sales through platforms set up by e commerce companies is fast replacing purchases from brick and mortar structures in many developed and developing economies. This trend is seen the seafood also.
Technical Barriers to Trade (TBT) in the form of insistence on sustainable practices and stringent standards are adopted by many countries and regional blocks.
Imposition of CVD and ADD is also resorted to as a means of protecting domestic industry who are forced to compete with similar or lower priced products of equal or superior quality imported from abroad.
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