Tilapia fastest growing species in US market – Fishupdate.com

Tilapia fastest growing species in US market Published:  09 March, 2007

A NEW Glitnir Seafood Industry Report reveals that while staple seafood such as shrimp, tuna and salmon remain the US’s favourites, the relative newcomer tilapia is the fastest growing.

New seafood species are largely introduced through the foodservice sector, which accounts for two thirds of total US seafood sales. The US market remains highly dependent on imports, which account for 86 per cent of seafood consumption.

Glitnir, the globally leading supplier of financial services to the seafood industry, is releasing its new report on the US seafood industry in connection with the International Boston Seafood Show, which opens on Sunday in the Boston Convention & Exhibition Center. The United States is one of the world’s most important seafood markets, both with regards to consumption and catch. Glitnir’s new report provides an analytical overview of the main driving forces in the US seafood industry and evaluates likely future developments and trends.

Key findings from the report are:

The United States is the world’s 6th largest producer of seafood – the majority of which is derived from capture. The supply has been relatively stable since 1990.

Alaska pollock is the single largest caught species, representing 25-30% of total catch, but the shellfish species are the most valuable catch.

Fresh and frozen products constitute 79 per cent of total processing value.

86 per cent of US seafood consumption is imported, rendering the US market highly dependent on foreign imports. Among the imports, shrimp and salmon represent the highest value.

Salmon, Alaska pollock and lobster are the most valuable US seafood exports, while Japan and Canada are the leading export destinations.

Seafood consumption has increased over the past 5 years, but has remained on a fairly stable level over the past 2-3 years.

By consumption, shrimp, canned tuna and salmon are the most popular products.

Tilapia – currently the 6th largest seafood species by consumption in the US – is by far the fastest growing.

Foodservice accounts for two thirds of the US seafood market by value

Independent full and limited service restaurant operators account for approx. half of total foodservice seafood sales.

To drive traffic and sales, independent and chain restaurants are aggressively promoting fresh seafood and new species on limited time menu offerings.

The new Glitnir Seafood Industry Report is the second in a series of six issues planned for 2007. Issues from the series’ previous four years of publication have focused on the seafood industries in Europe, North and South America and China. All previous reports are available at www.glitnir.is/seafood.

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