July 26, 2007

Global fishery industry set to grow at 10 percent annually

Despite troubles such as stricter inspections for antibiotics and bans because of them, the global fishery industry, most of it based in Asia, is expanding 10 percent annually.

A report by Forbes.com stated that growth in the industry was three times the worldwide growth in economic output. China's aquaculture industry, which accounts for half the farmed fish in the world, is growing at 12 percent a year, the report said.

The report thus noted that Asia's fishery industry is abound with growth and opportunity but at the same time presents risk.

Besides bans on products on fish products from farms due to antibiotics, there was the problem of overfishing from wild catches, where 29 percent of the species have seen a serious drop in population.

Still, demand is set to grow, which meant more emphasis being placed on aquaculture.

Increased protection of natural fisheries is leading to better returns for at least some fish farmers, the report noted.