The global market for sustainable seafood is forecast to reach $18.6 billion by 2025, with the UN Food and Agriculture Organization (FAO) finding that the annual growth rate of fish consumption has overtaken meat. Nearly 820 million people depend directly or indirectly on fisheries and aquaculture for their livelihood, with SMEs representing 90% of fishing businesses globally.
The objective of sustainable fisheries management is to leave enough fish in the ocean (sustainable fish stocks), minimise environmental impacts, and ensure people who depend on fishing can maintain their livelihoods. Sustainable fisheries, in turn, allow for more reliable and consistent supply of fish.
Certification schemes, innovative financing and consumer-marketing efforts supplement the sustainable fisheries management practices by allowing sustainable fisheries products to reach a higher profit margin. Sustainable seafood certification and labelling schemes, such as the Marine Stewardship Council and others, can reduce the risk of fraud by offering better transparency throughout the supply chain. Studies have found that sustainable certified seafood had only 1% of their products mislabeled, compared to the industry-wide 30%, which builds increased consumer confidence in sustainable certified seafood.