‘Emerging markets key to seafood sector reaching €1bn sales target’

Building exports and harnessing new markets will be critical to help Ireland’s seafood sector reach its target of generating €1bn in sales and creating 3,000 jobs, BIM has stated.

Launching its new growth strategy ‘Our Ocean Wealth’ yesterday, seafood industry body BIM said the sector is currently worth €822m to the economy, and employs in the region of 11,000 people.

Ireland’s seafood sector is showing phenomenal growth on the export market with sales up by 29% from €378m in 2010 to €489m in 2013, BIM added.

Michael Keatinge, deputy chief executive of BIM, said gaining market share in emerging markets such as China and Hong Kong will be vital for Irish seafood. While the European seafood market is in decline, Ireland recorded 75% growth in its exports to China in recent years.

Mr Keatinge said: “With the world’s population expected to reach 8bn by 2025, the resulting demand for an additional 42m tonnes of seafood globally by 2030, will put unprecedented pressure on Ireland’s seafood sector to compete effectively for its global market share. But Ireland could fully capitalise on the growing world demand for seafood by implementing the type of ambitious aquaculture initiatives proposed in the current marine plan.”