BACKGROUND: THE SEAFOOD INDUSTRY

Seafood is one of the largest industries on the planet.

12% of global livelihoods at around US$1 TR pa total value

1 out of every 10 people on the planet derive their income from seafood and aquaculture.

90% growth in consumption

People are eating more seafood than ever. In the past 50 years global per capita consumption has nearly doubled.

Seafood is the most traded food commodity in the world valued by Bloomberg at approximately $900 billion a year

But >90% of this industry is small scale producers

Limited harvest data available, often unregulated, inefficient, and therefore challenging to manage.

Most fish stocks are at capacity

At present, ~89% of global wild fish stocks are overfished or being fully exploited.

50%+ of seafood is thrown away

As much as 60% of the seafood we take from the ocean is discarded, lost or wasted in supply chains.

700KG of seafood are stolen every second

Illegal, unreported and unregulated (IUU) fishing accounts for more than 700KG stolen each and every second.

Shrimp farming family in Aceh

People want to know the story behind their seafood.

90% of seafood consumed in the U.S. is imported, around 75% for Europe and Australia and China is predicted to consume 38% of global seafood supply in 2030 – a rapidly increasing amount from imports.

>50% rejected by the US Food and Drug Administration of the 0.1% of seafood tested at the US border

20% of consumer seafood is mislabeled

Depending on the species and supply chain mislabeling can be as high as 86%.