Aquaculture gaining in prominence

Aquaculture will be the mainstay of fish and fish-based production the world over, according to Kristjan Thorarinn Davidsson, managing director and head of global seafood, Glitnir Bank, one of the three major commercial banks of Iceland.

The global average catch from the seas is 100 million tonnes, while 50 million tonnes are produced through aquaculture. Most of the seas worldwide are over-exploited as far as the production of sea food is concerned. Development of aquaculture farming is thus a key to meeting the increasing demand for fish and fish products.

The ratio of direct catch from the sea and aquaculture is gradually shifting in favour of the later. Luckily, India is placed in an advantageous position, on both counts. The Indian ocean is less exploited compared with other oceans and has a great stock of seafood. India has a tremendous potential in seafood exports as it is the largest producer of seafood after China.

Consolidation will be the key issue in the global seafood market in the immediate future, according to Davidsson. With the likely emergence of big players, small companies can survive by specializing in ethnic products. Ready-to-eat fish products are the trend in global markets. Value addition is the main stay of export business.

Glitnir Bank is planning to finance the Indian seafood industry in a big way. Moreover, it intends to collaborate with major Indian companies.

Kristjan added that the legal framework of the Indian export industry should be strengthened further to promote business with major global players. Quality, certification, food security and branding hold the key to consolidating one's position in the world seafood market.