Aquaculture gains momentum in Latin America

Aquaculture is gaining momentum in Latin America, according to Glitnir's latest seafood report, boosting exports of farmed salmon and tilapia to the US, and fishmeal to China.

Glitnir, the leading global supplier of financial services to the seafood industry, today released its new report on the Latin American seafood industry. The report analyses the main trends and developments in the seafood sector across the continent with particular focus on Argentina, Brazil, Chile and Peru. A case study on tilapia farming in South America is also included.

Latin America is 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 a growing trend across the region, with demand for aquaculture products expected to increase worldwide by 8 percent annually. The region currently supplies around 99 percent of the total import volume and value of fresh tilapia fillets to the US.

Chile is the leading aquaculture country in Latin America with a production of 698,000 MT (52% of total) at a value of US$3.1 billion in 2005. Growth in volume of 78% has been seen over the past five years. The US is the single largest market for Chilean Atlantic salmon, with total imports of 64,959 MT worth US$470 million in the first 8 months of 2007.

Fuelled by a drive from China for fishmeal, aquaculture production has also been growing in Peru, the world's largest producer of fishmeal. Honduras, Ecuador and El Salvador are now establishing themselves as important players in the export of fresh tilapia fillets to the US market. Mexico and Brazil lead the way in tilapia farming, producing 100,000 MT each in 2006, but their harvests are mainly for domestic use.

Imports of tilapia into the US market have increased dramatically in recent years and it is now the country's sixth most popular seafood due to its mild flavour, adaptability to various styles of preparation and a texture that differs from many other types of fish. About 96 percent of all tilapia consumed in the US is imported, and 99 percent of this comes from Latin American countries. Lower transportation costs make Latin America a competitive supplier.

This latest Latin American Seafood Industry Report is the second annual report to be published by Glitnir on the Latin American market and is the final report in a series of seven planned for 2007. Glitnir's seafood reports covering Europe, North and South America and China are available at its website.

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Aquaculture gains momentum in Latin America