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%.