May 20, 2008

EU fish farming outlook promising

The seafood industry in the EU shows potential, as a result of the boom in aquaculture and the awareness for healthy food among European consumers, according to a new Glitnir Bank Seafood Industry Report.

The EU is the world's largest seafood market, with an annual average per capita consumption of about 26.5 kilogrammes, the report said.

The member countries of the EU account for 45 percent of all global seafood imports.

Even if trade among the various member states is disregarded, it still has the largest market, with 27 percent of total seafood imports worth about almost EUR 16 billion.

According to the report, the Common Fisheries Policy and the EU method of fishery management has many critics, however, the management is necessarily complex because of the number of countries involved.

They are moving in the direction of sustainability, the report said.

The report lists Spain, France, Britain and Italy as the biggest contributors of farmed seafood with steady growth almost certain and says that together the industries in all these countries will help to ease the pressure on natural fishing grounds.

Glitnir is a Nordic bank, with its head office in Iceland and operations in ten countries.