Future growth in demand for Norwegian seafood is expected to come increasingly from emerging markets in South and Southeast Asia, according to a new report from the Norwegian Seafood Council, High-Value Seafood Opportunities in Asia.
The report identifies Indonesia, Vietnam, the Philippines and India as the four markets with the greatest long-term growth potential for Norwegian seafood exports.
According to the council, rising incomes and growing middle-class populations are expected to increase demand for imported seafood in the coming years.
Vietnam and the Philippines highlighted
The report groups Asian markets into three categories: mature markets such as Japan and South Korea, growing markets including China and Thailand, and emerging markets led by India, Indonesia, Vietnam and the Philippines.
“We expect demand for Norwegian seafood to grow in line with continued economic growth in these markets,” said seafood analyst Eivind Hestvik Brækkan.
The Norwegian Seafood Council estimates that several of the emerging markets are between 10 and 17 years behind China in terms of economic development and seafood consumption, suggesting significant room for future growth.
