18 - Globalization and worth of fishery resources in an integrated market-based system

Summary

INTRODUCTION

Fish and seafood products are a significant part of the global agrifood sector. Fishery products are an important source of protein, especially for low-income food-deficit countries (LIFDCs) (FAO 2003a). Furthermore, world trade in fishery products continues to increase. Much of this trade is north–south, providing an important source of foreign exchange for low-income countries.

Several developing trends will affect the global fishery industry. Though capture fisheries (using fishing techniques to harvest wild fish and seafood products) remain responsible for the majority of fish and seafood product output, aquaculture is a large and growing part of the market. One of the factors contributing to the growth of aquaculture is the growth of supermarkets throughout the world. These markets require a standard product and a stable supply. Another factor affecting the seafood industry is the growth of eating away from home. In the United States, more than half the seafood eaten is consumed in restaurants, and restaurants also depend on a consistent product and a stable supply (Mintel 2002). Aquaculture is well suited to meet these requirements.

Because it appears unlikely that additional output from capture fisheries is possible, the potential for increased international trade in aquaculture products is great provided that the threats facing aquaculture can be addressed. As the aquaculture industry matures, it is increasingly taking on the same characteristics as terrestrial agriculture, with the attendant subsidies and potential trade restrictions designed to protect domestic producers. This situation presents a potential threat to increased international trade.