Sustainable Seafood Market
Seafood is a major source of food in coastal areas worldwide, and according to Coherent Market Insights, the overall trade of the seafood industry was estimated to around US$ 150 billion in 2017, making it one of the most valuable industry, globally. According to Word Wildlife Fund (WWF), it has been estimated that around 40% of the world population is dependent on seafood for their primary protein source and 10%-12% of the global population is directly or indirectly dependent on seafood for their livelihood. Growing dependency on seafood has resulted in overfishing and resulting to disruption of the marine ecosystem, hence demand for sustainable seafood culture to maintain the balance of the ecosystem is increasing.
Market Dynamics
Several key leading retailers are focusing on sustainable seafood in order to cater to growing seafood demand, globally. For instance, Whole Foods Market, one of the global retailers is selling sustainable seafood across all its outlets and also stopped selling of a number of endangered species such as Bluefin tuna and shark. Furthermore, the company also partnered with organizations such as the Marine Stewardship Council, the Monterey Bay Aquarium, and the The Safina Center to focus on sustainable seafood. Similarly, Wegmans, which is another leading retailer does not stock species such as blacktip and por beagle shark, blue fin tuna (unless farm raised). To maintain this practice, the company works closely with the Sustainable Fisheries Partnership (SFP) since 2011 to maintain seafood sustainability policy. Some of the other leading retail chains that are focusing on sustainable seafood market are Hy-Vee, Safeway, Target, Aldi, Trader’s Joe, Walmart, and others.
Food service chains such as McDonalds, Starbucks, Subway and others are using sustainable sea food which is further promoting the growth of the market. For instance, for McDonalds, all the fishes used are sourced from Marine Stewardship Council certified fisheries. As a result, over 100 million Filet-O-Fish dish served annually across Europe carry the MSC certified label. Furthermore, in 2013, McDonalds became the first national chain in the U.S. to adopt the Marine Stewardship Council’s blue label on its fish packaging restaurants. Similarly, Subway, one of the leading quick service restaurants globally, became the first quick service restaurant to join the International Pole & Line Foundation (IPLF), thereby focusing on sustainably sourcing tuna species. The company has also partnered with Marine Stewardship Council (MSC) to source its tuna from MSC certified suppliers or other certified bodies.
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