HONG KONG, Sept. 2, 2014 /PRNewswire/ -- Looking to capitalize on Asia's booming seafood market, thousands of buyers and suppliers from around the world will convene in Hong Kong today for three days of business and networking at Seafood Expo Asia. After a record-breaking edition in 2013, the exposition returns to reinstate its position as one of the most important events for the seafood industry.
For its fifth edition, the exhibit floor will span more than 2,000 square metres, hosting over 180 exhibitors from 32 countries who will showcase their seafood products, services and processing equipment. Visitors will include buyers from major supermarkets, hotels, restaurants, airlines, cruise lines and contract caterers, as well as international seafood wholesalers, distributors, importers and exporters.
According to Ms. Terri Tsang, Show Director for event producers Diversified Communications, seafood is big business and today represents one of the fastest growing food sectors in the world.
The Organisation for Economic Co-operation and Development (OECD) reports that overall global exports in fishery products peaked in 2013 at over USD 136 billion, representing an increase of more than 5% over the previous year. A joint report published by the OECD and the Food and Agriculture Organisation of the United Nations (FAO) also predicts that world fish consumption is projected to reach 20.9 kg per capita in 2023, up from an average of 19.2 kg in 2011-13.
Ms. Tsang comments that as cited in a recent World Bank report, seafood-friendly Asia is expected to make up 70% of global fish consumption by 2030. "The driving force behind the surge in global and regional seafood consumption can be attributed to a combination of population growth, rising incomes and urbanization coupled with strong expansion in fishery production and improved distribution channels."
Meanwhile, China is expected to increasingly influence the global fish and seafood sector. "This is reflected in a 2014 FAO study on the state of world fisheries and aquaculture which quotes that China has not only been the largest exporter of fish and fishery products since 2002, but its imports are also rapidly growing," continues Ms. Tsang.
The FAO reports that in 2013, China's trade of seafood products reached a new record, with exports valued at USD 19.6 billion and imports at USD 8.0 billion. Since 2011, China has become the world's third-largest importing country after the United States and Japan, with this growth fuelled by the increasing domestic consumption of seafood species not available from local sources.
"To a degree, China has turned from a net exporter of seafood to a net importer as with an emerging middle class, incomes have risen creating a more pronounced demand for premium products such as fresh and smoked salmon, lobster, sea urchin, sea cucumber and abalone," remarks Ms. Tsang whilst expressing that there is evidence to suggest that seafood consumption is directly correlated to a consumer's financial wellbeing.
In light of increasing demand in China, Ms. Tsang states that international seafood companies more than ever are eager to reach new customers in this part of the world. "Our reason for hosting Seafood Expo Asia in Hong Kong is both because the territory is an important gateway for trade between mainland China and the rest of the world, plus it serves as a critical distribution hub through which seafood products are shipped to other key markets in Asia."
Given it strategic location, regulatory environment, shipping infrastructure and legal framework, Ms. Tsang says Hong Kong has a unique role as an international port for trade in seafood products reflected in research by the Hong Kong Tourism Board which indicates that 30-40% of fish and aquaculture products imported to the territory are immediately re-exported to countries including the United States, Vietnam, Taiwan and mainland China.
Hong Kong itself has an insatiable appetite for seafood. With a population of over 7 million and the FAO reporting that the average person consumes over 70 kg of seafood every year, consumption in the territory is the second highest in Asia with demand existing for all kinds of fishery products ranging from low-priced fin fish such as croaker and carp to more expensive gourmet delicacies including abalone and lobster.
Due to its high consumption levels and a declining domestic fishing industry, 95% of the seafood consumed in Hong Kong is, according to Global Trade Atlas data, imported primarily from Japan, mainland China, Australia and the United States.
With the world's population predicted to increase to 8 billion by 2025 necessitating an additional 42 million metric tonnes (MT) of seafood globally by 2030 as quoted in a review by the Irish Sea Fisheries Board BIM, Ms. Tsang confirms that sustainability remains high on the exposition's agenda for this year.
"It is absolutely critical that we have strategies in place to ensure that this global resource remains healthy and available for many years to come," asserts Ms. Tsang. "For this reason, we will be hosting a Sustainability Panel at Seafood Expo Asia, one of the objectives of which is to encourage dialogue that promotes a seafood marketplace that is both environmentally and economically sustainable."
On a global level, Ms. Tsang expresses that consumer tastes and preferences for seafood varies depending on the region. Figures released in 2014 from the FAO reflect that in terms of trade, shrimp accounts for about 15% of the total value of internationally traded fishery products. It is followed by salmon at 14%, ground fish species like cod, hake, saithe and pollock at 10%, tuna at 8%, and cephalopods such as squid, cuttlefish and octopus at around 3%.
Formerly known as the Asian Seafood Exposition, Seafood Expo Asia is taking place in Hall 5 B&C of the Hong Kong Convention and Exhibition Centre starting today until the 4 September 2014. Beyond the exhibition itself, the expo will include seminars, a New Product Showcase, a cooking and networking event for chefs, master classes, as well as culinary demonstrations from renowned chefs. The event is also being held in conjunction with Restaurant & Bar Hong Kong, Asia-Pacific's leading fine dining and bar exhibition.
For more information, please visit: http://www.seafoodexpo.com/asia.
About Seafood Expo Asia
Formerly called the Asian Seafood Exposition, Seafood Expo Asia is a trade event where buyers and suppliers of seafood from around the world come together to network and conduct business in the lucrative Hong Kong and Asia Pacific markets. The event's fifth edition is scheduled to take place from September 2-4, 2014 at the Hong Kong Convention & Exhibition Centre in Wanchai, Hong Kong. SeafoodSource.com is the exposition's official media. The exposition is produced by Diversified Communications and is co-located with Restaurant & Bar Hong Kong. http://www.seafoodexpo.com/asia
About Diversified Communications
Based in Portland, Maine, USA, Diversified Communications provides information and market access through face-to-face events, publications, and eMedia. Diversified Communications serves several industries, including seafood, food service, natural and organic, commercial marine, healthcare, and business management. The company's global seafood portfolio of expositions and media includes Seafood Expo North America/Seafood Processing North America, Seafood Expo Global/Seafood Processing Global, Seafood Expo Asia, Seafood Expo Southern Europe, and SeafoodSource.com. Diversified Communications, in partnership with SeaWeb, also produces the SeaWeb Seafood Summit, the world's premier seafood conference on sustainability. The company operates divisions in Australia, Hong Kong, India, the UK, and Canada. http://www.divcom.com
