December 6, 2006

China's seafood consumption to grow 44 percent by 2020

Seafood consumption in China is expected to grow 44 percent by 2020 as consumers purchasing power climbs in the country, a report from Glitnir, an European financial group revealed.

Domestic consumption per year is expected to grow to 36 kilogrammes per capita, rising from 25 kilogrammes in 2004, the report said.

Glitnir said seafood consumption in China has grown 25 percent annually since 1998.

Glitnir, a niche bank based in Iceland and Norway specialises in the areas of seafood, sustainable energy and shipping. It opened its first Chinese office in Shanghai yesterday and plans to use its expertise on China's growing seafood industry.

Fish consumption in China is higher in coastal provinces and areas with high disposable incomes  which includes the five provinces of Fujian, Zhejiang, Hainan, Guangdong and Shanghai.

Richer people in coastal areas eat more expensive marine fish, while freshwater fish is consumed throughout the country, the report pointed out.

The fact that more are eating out and spending on exotic seafood amid rising purchasing power meant opportunities abound for the seafood industry, the report said.