Global seafood demand to reach 165 million MT in 2023

Global consumption of seafood is projected to increase to 165 million MT in 2023, with Asia expected to see the highest growth in demand, according to the OECD-FAO Outlook.

But while global seafood demand will continue to grow, the rate of growth to 2023 is expected to decline due to slowing population growth and higher fish prices relative to red meats, noted the Íslandsbanki’s Canadian Seafood Market Report.  Íslandsbanki’s report cited data from the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations.

Annual per capita consumption of seafood is projected to grow by 7.9 percent during the period from 2014 to 2024; this growth is smaller compared to the 33 percent growth seen during 1995-2014.

Asia accounted for roughly two-thirds of global seafood consumption, with 89 million MT in 2011, the latest figure provided in the Icelandic bank’s report. China accounted for half of this number with total consumption of 45.9 million MT or approximately 32.8 kg per capita.

“China has been responsible for most of the increase in per capita fish consumption, owing to a substantial increase in production, in particular from aquaculture,” said the report released in April.