Íslandsbanki issues North Atlantic Seafood Market report

23.04.2013

Íslandsbanki has issued a new report on the North Atlantic Seafood Market. The report will be distributed to participants in the European Seafood Exposition that will commence in Brussels 23 – 25 of April 2013. The report, prepared by Íslandsbanki Seafood Team, will also be available on the banks website, www.islandsbanki.is/seafood

Norway is the largest fishing nation in the North Atlantic
The report covers the North Atlantic Seafood Market with special focus on Iceland, Norway, Faroe Islands, Greenland, Canada and the USA. The report offers, among other things, information on the total catch in the region, the export of seafood for each nation, the total catch broken down to different species by the nations, along with special a chapter on Aquaculture in the North Atlantic Market.

Fishing in the North Atlantic represents about 12% of total global landings and Norway is the largest fishing nation in the region, representing about 23% of total landings. The total catch in North Atlantic waters was 10.3 million tonnes in 2011 and decreased by 7.2% from previous year. The Atlantic herring is the most caught species in the North Atlantic, followed by the Atlantic cod and the Atlantic mackerel

Opportunities in Aquaculture
Aquaculture is an increasingly important part of the seafood industry in the North Atlantic. Norway is by far the largest producer in the region with over 80% of the total aquaculture production in the North Atlantic. Norway produced 1.1 million tonnes in 2010, the majority of the production being Salmon. Aquaculture accounted for 41.3% of fish production in the world in 2011, a 6.2% increase from 2010. The Food and Agriculture Organization of the United Nations (FAO) and the OECD estimate that farmed fish for human consumption will outweigh caught fish by 2018 worldwide. This increase will have probable impact of the seafood market development in the North Atlantic with increasing focus on Aquaculture.

The focus countries have developed fisheries management systems that differ significantly from nation to nation, especially in terms of the transferability of quotas and whether there are Total Allowable Catch (TAC) set for certain species.

Íslandsbanki Seafood Team
Íslandsbanki employs a group of experts who focus on the seafood industry. The group is part of the corporate banking unit and handles relationships and services for domestic and foreign seafood industry companies, as well as the publication of analyses and reports.

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