Asia-Pacific expected to bank 70% of global seafood sales

By RJ Whitehead

- Last updated on GMT

© iStock
© iStock

Related tags: International trade

China now accounts for some 35% of global seafood production, while the wider Asia-Pacific region will account for more than two-thirds of the world’s demand by 2030, according to a new report on the segment.

Already one of the biggest regions for both exports and imports, Asia-Pacific is projected to account for 70% of global sales of fish and seafood products in the next 13 years, according to Research and Markets.

To meet this increasing demand, global production is expected to grow rapidly in the coming years. 

China, the world’s biggest producer, consumer, importer, and exporter of seafood, accounts for more than a third of all global production, and imports into major cities there has been consistently rising. 

From January-April 2016, Shanghai imported approximately 34,000 tons of seafood, a growth of 34.7% year-on-year. 

Demand for luxury seafood products has increased significantly in China over recent years, and in 2015 the country accounted for approximately 20% of luxury seafood consumption globally. 

Japan is China’s main export market, holding a 20% share, followed by America and Hong Kong. In Europe, Britain, Germany, the Netherlands and Spain are also major markets. 

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