October 31, 2006

Bank favours China's seafood prospect
 

Seafood consumption in China is expected to increase by more than 40 percent by 2020, according to a new seafood industry research report by Glitnir Bank.

Glitnir bank is a regional bank in Norway specialising in the fishing and shipyard industries.

The report offers an overview of the current Chinese seafood industry and presents Glitnir's view of future developments.

The report noted China, the world's largest supplier of aquatic products, both by means of capture and aquaculture also has a fast growing appetite for exotic and high-end seafood products. China is also one of the most important consumer markets for seafood. 

Seafood consumption is expected to increase significantly in the coming years, according to Glitnir Research. Consumption in China was 25 kg per capita in 2004 and is expected to rise to 36 kg per capita by 2020.

The most common species in Chinese aquaculture, the tilapia would like surpass other cultured species in importance as production of tilapia worldwide is likely to accelerate, the bank said.

The bank's report said China's seafood processing industry would continue to attract substantial foreign investments as it offers vast opportunities.