Global seafood production is forecasted to grow 2.1 percent this year, thanks to a 5.8 percent increase in aquaculture output offsetting a slight decline in wild fisheries output, according to the latest edition of the FAO Food Outlook, released this month and published twice a year.
Global seafood production is expected to reach 157.3 million metric tons in 2012, up from 154 million metric tons in 2011 and 148.5 million metric tons in 2010, reported the Food and Agriculture Organization. Aquaculture output is expected to jump from 63.6 million metric tons in 2011 to 67.3 million metric tons in 2012, while wild fisheries output is expected to slip to 90 million metric tons in 2012 from 90.4 million metric tons in 2011.
At the same time, the value of seafood exports is projected to hit USD 138 billion this year, up 9.4 percent form 2011 and up 27.1 percent from 2010.
In the aftermath of the European Seafood Exposition in late April, the market appears more influenced by supply variations than demand, said the FAO in its report. “Despite slow economic growth and reduced purchasing power in many of the traditional key import markets, such as Spain, Italy and France, demand for seafood is strong overall,” said the organization.
According to the FAO Fish Price Index, seafood prices are close to all-time highs, especially for wild species. “Rising energy and feed costs are likely to keep fish prices high during the year,” said the FAO. “At the same time, prices are important drivers of demand as shown by the salmon market, where added farmed production and lower prices in 2012 compared to 2011 are boosting consumption in all salmon.”
The FAO also noted in its report that global shrimp production fell 20 percent to 2.5 million metric tons in 2011 due to supply shortfalls in Asia caused by unfavorable weather and disease difficulties. However, with Asia’s 2012 shrimp season coming on in April and May, “supply is forecast to recover and prices to soften somewhat.”
In the coming months, more farmed vannamei is expected from Thailand, India and Vietnam, reported the FAO. This year, Thai vannamei production is forecast to increase to 700,000 metric tons, while Indian vannamei production may rise 30 percent to 100,000 metric tons as the country’s black tiger output drops 40 to 50 percent to 60,000 metric tons to 70,000 metric tons.
