March 09, 2007 06:45 ET

Tilapia Is the Fastest Growing Species in an Otherwise Stable US Seafood Market, According to New Glitnir Seafood Industry Report

BOSTON, MA and REYKJAVIK, ICELAND--(CCNMatthews - March 09, 2007) - A new Glitnir Seafood Industry Report reveals that while staple seafood such as shrimp, tuna and salmon remain the US' favourites, the relative newcomer tilapia is the fastest growing. New seafood species are largely introduced through the foodservice sector, which accounts for two thirds of total US seafood sales. The US market remains highly dependent on imports, which account for 86 per cent of seafood consumption.

Glitnir, the globally leading supplier of financial services to the seafood industry, releases its new report on the US seafood industry in connection with the International Boston Seafood Show, which opens Sunday 11 March in the Boston Convention & Exhibition Center. The United States is one of the world's most important seafood markets, both with regards to consumption and catch. Glitnir's new report provides an analytical overview of the main driving forces in the US seafood industry and evaluates likely future developments and trends.

The report is enclosed in pdf format. Print copies of the report will be available from Glitnir at the International Boston Seafood Show.

Glitnir's US Seafood Industry Report:


-- The United States is the world's 6th largest producer of seafood - the
majority of which is derived from capture. The supply has been relatively
stable since 1990;

-- Alaska pollock is the single largest caught species, representing 25-
30% of total catch, but the shellfish species are the most valuable catch;

-- Fresh and frozen products constitute 79 per cent of total processing

-- 86 per cent of US seafood consumption is imported, rendering the US
market highly dependent on foreign imports. Among the imports, shrimp and
salmon represent the highest value

-- Salmon, Alaska pollock and lobster are the most valuable US seafood
exports, while Japan and Canada are the leading export destinations

-- Seafood consumption has increased over the past 5 years, but has
remained on a fairly stable level over the past 2-3 years

-- By consumption, shrimp, canned tuna and salmon are the most popular

-- Tilapia - currently the 6th largest seafood species by consumption in
the US - is by far the fastest growing

The foodservice sector

-- Foodservice accounts for two thirds of the US seafood market by value

-- Independent full and limited service restaurant operators account for
approx. half of total foodservice seafood sales

-- To drive traffic and sales, independent and chain restaurants are
aggressively promoting fresh seafood and new species on limited time menu

The new Glitnir Seafood Industry Report is the second in a series of six issues planned for 2007. Issues from the series' previous four years of publication have focused on the seafood industries in Europe, North and South America and China. All previous reports are available at

Invitation to GLITNIR LUNCHEON at International Boston Seafood Show 2007:

About Glitnir

The financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore services vessels. Glitnir considers Iceland and Norway its home markets. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway (BNbank and Glitnir bank, Glitnir Securities, Glitnir Factoring, and 50.1 percent of Glitnir Property Group. Glitnir's subsidiary BNbank owns 45 percent of the shares in Norsk Privatokonomi ASA, an independent financial advisory company with 12 branches in key areas of Norway). In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB. The group also recently announced plans to acquire the leading Finnish asset management company FIM, with operations around Finland and in Stockholm and Moscow. Glitnir operates branches in London and Copenhagen. The group has representative offices in Halifax, Canada and Shanghai, China, and plans to open an office in New York in 2007. Glitnir is listed on the Icelandic Stock Exchange. Glitnir concluded 2006, with record profit and a return on equity after tax of 39.4 per cent. For more information:

Contact Information

  • For comments regarding the Glitnir Seafood Industry Reports
    seafood sector activities and services, please contact:
    Jonathan Logan
    Managing Director
    Glitnir - North America
    cell +1 (203) 979 5275
    Bjørn Richard Johansen
    Managing Director, Corporate Communication
    mobile +47-47 800 100
    Frøydis Jaren
    Exec. Director, Corporate Communication
    mobile +47-995 29 522
    For photos: