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Sustainable Seafood Market - Global Forecast to 2025
The global sustainable seafood market was valued at US$ 12.71 billion in 2017 and is anticipated to register a CAGR of 4.97% in terms of revenue, over the forecast period (2018 – 2025) to reach US$ 18.63 billion by 2025.


Sustainable Seafood
BriefingWire.com, 9/13/2019 - Sustainable seafood refers to marketing and distribution of seafood through aqua farming or through wild catch in ways that would not harm the long term sustainability of species while also securing the future of the marine ecosystem. The close connection between seafood industry and global sustainability has resulted in developing different sustainability principles to seek and maintain ecological practices in this industry.

Owing to annual rate of catch being too high and overfished, it has been witnessed that several species are on the verge of extinction. According to a report released by the World Wildlife Fund (WWF), it was reported that global population of the Scombridae family of food fish that includes tuna, bonitos reduced by 74% in 2015. Similarly, according to the International Union for Conservation of Nature (IUCN), the Cassava croaker is estimated to decline by 30%-60% over the past several years affecting the marine ecosystem as well as impacting the local fisheries with the decline of local stocks. Furthermore, illegal fishing techniques carried by local fisheries have also impacted the marine biodiversity since recent past. Some of these fishing techniques used include bottom trawling, bycatch, cyanide fishing, dynamite fishing, and ghost fishing. For instance, in bottom trawling, considered one of the most harmful techniques is basically an industrial method where enormous nets are weighed down with heavy ballast and are dragged along the sea floor, thereby damaging the marine life.

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Developed economies such as North America and Europe hold largest market share for sustainable seafood while emerging economies such as APAC are reported to be fastest growing region in the market, owing to increasing awareness regarding sustainable seafood.

The U.S. holds dominant position in sustainable seafood market globally, owing to high sea food consumption in the country. According to the National Oceanic and Atmospheric Administration (NOAA), in 2016, the value of fish landings in the U.S accounted for US$ 5.3 billion, an increase of over 2.1% over the previous year. The same study also revealed that 92% of the processed fishery products is used for human consumption.

The global sustainable seafood market was valued at US$ 12.71 billion in 2017 and is anticipated to register a CAGR of 4.97% in terms of revenue, over the forecast period (2018 – 2025) to reach US$ 18.63 billion by 2025.

Key manufacturers operating in the sustainable seafood market include M.F. Foley Company, Inc., Zoneco Group Co., Ltd, Walker Seafoods, Nippon Suisan Kaisha, Ltd, Thai Union Group, Maruha Nichiro Corporation, Austral Fisheries, Pacific Andes Group, Marine Harvest ASA, AgriMarine Holdings, Kyokuyo Suisan Co., Ltd., Mitsubishi Corporation, and others.

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