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From SeafoodNews on October 21, Rabobank expects global seafood trade to continue to rebound for the rest of the year, with markets such as the United States and Europe having fully recovered from the epidemic, while China is slowly returning to pre-pandemic import levels
.
.
In its latest report, Global Seafood Trade: The Decade's winner In Influence, Rabobank highlights that seafood is the most traded animal protein, and its trade has grown to more than 5 times the size of pork trade and more than
3.
5 times the size of beef trade.
3.
5 times the size of beef trade.
RaboResearch analyst Novel D.
Sharma and senior global expert Gorjan Nikolik noted that U.
S.
consumers' eating habits are shifting to seafood, which Rabobank attributes to millennials who focus on healthier protein choices, as well as aging baby boomers who are looking to improve their dietary choices
.
Sharma and senior global expert Gorjan Nikolik noted that U.
S.
consumers' eating habits are shifting to seafood, which Rabobank attributes to millennials who focus on healthier protein choices, as well as aging baby boomers who are looking to improve their dietary choices
.
To meet growing demand, the U.
S.
is increasingly dependent on imported seafood, especially premium species such as shrimp, salmon, lobster and crab, which are listed as "beneficiaries"
of increased demand for U.
S.
seafood.
S.
is increasingly dependent on imported seafood, especially premium species such as shrimp, salmon, lobster and crab, which are listed as "beneficiaries"
of increased demand for U.
S.
seafood.
The U.
S.
ranks second in global seafood imports, with Rabobank data showing that U.
S.
imports in 2021 were $28 billion, an increase of $10 billion from 2013, and although current imports are down from their 2021 peak, they will recover
in the next two to three years.
S.
ranks second in global seafood imports, with Rabobank data showing that U.
S.
imports in 2021 were $28 billion, an increase of $10 billion from 2013, and although current imports are down from their 2021 peak, they will recover
in the next two to three years.
The report also focuses on China, where economic growth has prompted more middle-class consumers to buy quality seafood, and the current supply gap and all consumption growth need to be met
by imports.
by imports.
The long-term CAGR of China's imports from 2013 to 2021 is 17.
9% (excluding reprocessed fish and fishmeal/oil), indicating China's growing reliance on imports to meet growing domestic demand
.
9% (excluding reprocessed fish and fishmeal/oil), indicating China's growing reliance on imports to meet growing domestic demand
.
More uncertainty
is expected with a possible macroeconomic downturn, the report notes.
The winners in seafood, namely salmon and shrimp, will continue to grow
in the coming years.
is expected with a possible macroeconomic downturn, the report notes.
The winners in seafood, namely salmon and shrimp, will continue to grow
in the coming years.
After 10 years of global import demand driven by China, the United States is a potentially equally important seafood demand driver, with both regions having great potential to continue to shape global seafood trade flows and will be key drivers in the short to medium term
.
.
