Over the five years to 2025, consumers will likely continue their dietary preference for seafood, and Fish and Seafood Markets industry demand will likely be restored from downstream demand markets as the greater economy recovers.
A recovering economy and high per capita disposable income will likely help consumers purchase premium products at fish markets. Furthermore, the price of seafood is anticipated to increase an annualized 1,0% over the five years to 2025, helping to boost industry revenue.
Meanwhile, aquaculture is projected to play an important role in stabilizing the supply of fish and seafood, leading to mitigated volatility of seafood prices. Overall, industry revenue is forecast to increase at an annualized rate of 1,7% to $2,8 billion over the five years to 2025.
This increased in the demand is driven, in part, by health concerns and the warming of the oceans. Growing health-consciousness and the perceived benefits of consuming finfish and shellfish will likely help maintain demand for seafood. As seafood marketers advertise the benefits of eating finfish more frequently, health-conscious consumers are anticipated to purchase more seafood from industry operators, helping boost the performance of the leading fish and seafood markets.
For instance, various organizations, including the American Heart Association, have increasingly recommended that adults eat more foods high in omega-3 fatty acids to prevent and manage heart disease. As a result, seafood with high omega-3 content, such as salmon, oysters, trout and tuna, has grown in popularity among consumers and restaurant customers over the past five years. According to the Seafood Nutrition Partnership (SNP), more Americans are now consuming seafood at least twice a week.
There is also a growing demand in the industry for sustainably and responsibly caught seafood that considers overfishing laws, low carbon transportation and safe catching practices. This is an important factor for the outlook of the industry as it is necessary for operators to reflect this trend in consumer demand.
Source: IBIS Date: January 2021
Effects on Costa Rica exports
Costa Rica is known for its abundant freshwater resources from its mountain ranges, a tropical climate, and a marine exclusive economic zone of almost 600.000 km2 that make the country an important producer of fish and seafood, much of which is produced from aquaculture and mariculture techniques, procuring high quality products and protective regulations, in line with the requirements of strict markets as the US.
Last year only, Costa Rica exported over USD 61 million, which represents almost 9.000 tons of fish and seafood products, to highly quality demanding markets like United States (82%), Belgium (7%), Hong Kong (4,2%) and the United Kingdom (2%), among others.
Costa Rica has an important experience and knowledge producing shrimp and tilapia, there are some industrial process plants as well. According to the Costa Rican Institute of Fisheries and Aquaculture, in 2018 the national aquaculture production by species was 80% tilapia (16.667 tons), 13% shrimp (2.689 tons), 4% rainbow trout (827 tons), and 3% snapper (600 tons), but there is also production of oysters and freshwater prawns, generating around 16,5 and 4 tons, respectively.
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