March 12, 2007

Tilapia has become the fastest growing species in US market

Tilapia has become the fastest growing seafood among consumers in the US, although shrimp, tuna and salmon remain top favourites, a Glitnir Seafood Industry Report said.

The US market remains highly dependent on imports, with 86 percent of its seafood imported.

Glitnir's report said US domestic production is still mainly derived from wild stocks and the supply has been relatively stable since 1990.

The US is the world's 6th largest producer of seafood.

Alaska pollock is the single largest caught species, representing 25-30 percent of total catch, but shellfish species are the most valuable catch.

Fresh and frozen products constitute 79 per cent of total processing value.

Salmon, Alaska pollock and lobster are the most valuable US seafood exports, while Japan and Canada are the leading export destinations.

Although seafood consumption has increased over the past 5 years, it has remained on a fairly stable level over the past 2-3 years.

Restaurant operators accounted for almost half of total foodservice seafood sales.