Seafood Expo Asia is returning to Hong Kong in September against a backdrop of the region’s rising middle class and increased per capita spending, which is fuelling a demand for higher value fish.
THE expo will be held at the Hong Kong Convention and Exhibition Centre from September 6-8, providing buyers from major supermarkets, hotels, restaurants, airlines, wholesale and foodservice sectors with an opportunity to source the world’s finest seafood products and learn about the top trends.
The organisers say the outlook for Asia’s seafood industry will be a central theme at this year’s event, which runs alongside the fine dining and beverage exhibition, Restaurant & Bar Hong Kong.
With the region’s palate for premium seafood evolving, Asia is expected to dominate global aquaculture trade and import growth, with the World Bank predicting that Asian countries will account for around 70 per cent of global fish consumption by 2030.
A 2014 Global Industry Analysts report suggests that in terms of demand, the Asia Pacific is not only the largest and fastest growing market in the world, but is projected to increase at an average compound growth rate of five per cent between now and 2020.
Growth is being driven by a rising middle class population that, according to 2013 data from Ernst & Young and SKOLKOVO, stands at around 525 million people but which over the next 20 years could potentially expand to more than three billion.
‘Asia has become increasingly important to the global seafood market as with the growth of the region’s middle class population, consumers in this income bracket are able to afford higher value goods and products, one of them being premium fish and shellfish,’ said Liz Plizga, seafood group vice president of Diversified Communications, organisers of Seafood Expo Asia.
‘Improving living standards and rising incomes, coupled with an already well established dining out culture, are driving market expansion as individuals become more conscious of taste and quality, particularly in China and South East Asia, where economic growth is positively impacting seafood imports, making these countries especially attractive to producers and exporters of premium produce.’
At Seafood Expo Asia, industry buyers will be able to meet with more than 240 suppliers of fish and shellfish from over 30 countries, and visitors will be able to hear from seafood experts, who will offer business advice during the three-day event.
Rising incomes “Improving living standards are driving market expansion”