The quality of a business opportunity is linked to a small number of factors. Amongst the most important of these is the size of the market opportunity.
Recently, the European Union Fisheries Commissioner, Joe Borg mapped out the future for aquaculture in the EU. In his address he quoted FAO data:
“With wild fish capture facing a number of severe constraints, aquaculture appears to be the only viable option to meet this growing demand. According to the FAO, global aquaculture production will have to double by 2030 to keep pace with the demand. This represents, in absolute terms, an increase of almost 40 million tons.”
Given this massive increase in demand there is a major opportunity for business to create the supply.
Mr Borg also noted that the EU itself represents a major export destination with current net imports of almost three million tons of seafood and, according to Eurostat forecasts, this figure is set to increase to 12 million tons by 2025.
Mr Borg went on to observe:
“There is also a widely-shared view that the EU aquaculture sector should develop by combining high volume products with niche production to satisfy more specific and high quality market demands.”
“We concur with this view. It is market and local prevailing conditions that will determine which type of production can withstand competition from imported products and can meet the needs of consumers and/or processors. Public authorities can help by providing an effective, fair and transparent legislative framework or guidelines for product differentiation, based on initiatives such as quality assurance schemes, regional branding, sustainability labelling or organic labelling. This can provide the added value that the sector needs. It can also help meet the challenge of competition coming from emerging economies with lower costs and standards.”
A full transcript of the Borg address is available here.
