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China Leads World, but Latin American Industry is Booming

GLOBAL - Glitnir, the leading global supplier of financial services to the seafood industry, has released new reports on the Chinese and Latin American seafood industries. It follows hot on the heels of a report on Canada's seafood sector, published last week.

Glitnir's 2007 China Seafood Industry Report, provides valuable insights and independent analytical thinking of the current state of the seafood industry. It confirms China's premier ranking as the global leader of both seafood output and consumption.

"The recent strategic consulting agreement with Fu Ji Holdings and the setting up of Glitnir's representative office in Shanghai last year, demonstrate the bank's belief and confidence in the opportunities and high potential that China as a market entails. Glitnir is determined and fully committed to better serving its clients in their strategic decisions and investment plans for the Chinese seafood industry", says Larus Welding, CEO of Glitnir Bank.

The annual seafood consumption in China is currently 26 kilos per capita and is expected to increase by 40 per cent over the next decade to 36 kilos per capita. It beats its nearest rival four fold.

The report highlights the potential of shrimp as an increasingly important species. With predictions that the emphasis on the country's aquaculture industry might soon add shrimp as an important species in addition to tilapia and other species already being farmed.

Glitnir's report on the Latin American seafood industry analyses the main trends and developments in the seafood sector across the continent with particular focus on Argentina, Brazil, Chile and Peru.

It says the region is becoming an important player in the global seafood industry. Peru and Chile alone account for approximately half of the world's total fishmeal production and Chile is the world's second largest producer of farmed salmon after Norway.

Aquaculture is booming, with demand for aquaculture products expected to increase worldwide by eight percent annually. Latin America currently supplies around 99 percent of the total import volume and value of fresh tilapia fillets to the US.

Further Reading

- To read our summary on Glitnir's 2007 seafood reports click here.