November 7, 2007

China now leads global seafood industry

China is now both the largest seafood producer and the largest seafood consumer in the world, an investment firm revealed.

Glitnir Bank, an investment bank in Iceland with a significant expertise in the seafood business, said China's current per capita seafood consumption of 26 kilograms is expected to increase by 40 percent by 2020. 

The figure in 1990 was 11.5 kilograms.

Freshwater fish and molluscs are favoured among Chinese consumers, and more expensive fish are expected to reach the plates of people across the country.

In terms of production, China alone accounts for some 35 percent of total seafood output, said Kristjan Th. Davidsson, head of Glitnir's global seafood team. Shandong Province is the country's biggest seafood production province, said Davidsson.

The country has seen a rapid growth in aquatic production in the past 25 years, averaging an annual growth rate of 15.22 percent from 1980 to 2004.

On the supply side, China is also growing as the world leader in aquaculture. With the exception of shrimp, consumption of which has grown tenfold in the last decade, China is forecast to meet its demand independently.