INNOVATIONS IN THE QUEST FOR SUSTAINABLE SEAFOOD
According to the World Wildlife Federation, two-thirds of the world’s fish stocks are either fished at their limit or over fished. The United Nations (UN) Food and Agriculture Organization (FAO) has estimated that 70 percent of the fish population is fully used, overused or in crisis. Meanwhile, according to the European Commission, global seafood consumption has more than doubled in the past 50 years.
As demand for seafood rises, the sustainability of fish stock becomes an ever more pressing issue. Consumer advocacy groups and industry alike are mobilising to create market incentives to protect, restore, and replenish fish supplies in addition to coming up with new and unique ways to satiate the growing global demand for fish-based proteins and flavours.
According to the Environmental Protection Agency given the complexity of a product’s potential environmental impacts and attributes, manufacturers have a tough job in trying to communicate the above information to buyers. Often there is little space on a product label or on a website for environmental information. A growing variety of communication tools and messaging techniques have entered the marketplace as manufacturers try to differentiate their products and consumers demand more environmental information. These tools include certifications such as The Marine Stewardship Council (MSC), Aquaculture Stewardship Council (ASC), Naturland Seafood…
Seafood industry is on the cusp of thoroughly re-imagining products, supply chains and technologies. A variety of global trends are driving market demand behind this transformation, including new seafood sources, the growth of the plant-based marketplace, and aquaculture’s rapid expansion. For examples, many types of seafood being served in the restaurants, experimenting with lesser-known, responsibly procured seafood is on the rise in restaurants, and taking a chance on a new type of seafood when formulating can positively impact the economies of both local producer communities and eaters worldwide.
The global aquaculture market is experiencing robust growth, which is likely to accelerate through the year 2022, according to the Global Aquaculture Market report from the market research firm Technavio. The report attributes aquaculture’s rising success to the world’s growing human population, its hunger for seafood, and the decline of the captured fish industry. The growth of the retail sector and globalization, which has led to improved logistics systems and trade facilities, provides a favorable environment for the aquaculture market. The report predicts a compound annual growth rate for the global aquaculture industry of 4.46 percent through 2022. Other key factors identified in the industry’s promising future include improvements in aquaculture systems, sustainable practices, and diversification of species. The report anticipates that aquaculture will likely overtake wild-caught fisheries within the next five years.