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Seafood Industry in New Zealand

Seafood is New Zealand is one of the most important export industries. The seafood industry of New Zealand is renowned all over the world for its quality products, high food safety standards and fisheries management program.

 

The seafood industry earns the country NZ $1.3 billion per year and supports more than 22,000 jobs. The seafood industry of New Zealand contributes $546 million to the national economy. It makes a significant contribution to the economy due to its linkages with other industries. The industry comprises ocean and coastal fishing, and fishing consultants, fishing in inland waters and fish farming and fish and shellfish processing.

 

The seafood industry is a strongly export oriented industry. It is New Zealand's fifth largest export. Major markets are Hong Kong, Australia, China, Japan, Spain and the United States. The international sales of seafood products have grown from $28 million in 2005 to $44 million in 2008. The most valuable seafood products are king salmon, mussels, squid, rock lobster, squid and orange roughy.

 

Good quality together with a consistent supply, innovations and marketing helps New Zealand seafood industry to get business in both export and retail segment of the premium market.

 

New harvesting and distribution methods that maximize productivity and quality are always being tried out. The industry is also dedicated to creating new added value products. In fact, over 70% of New Zealand's seafood products are considered value added. Ways to develop higher value products, such as dietary supplements and pharmaceuticals, are being researched. The trading partners of New Zealand know that the seafood is safe and sustainable and it comes from unpolluted waters.

 

New Zealand has stringent control regulations and mechanisms for managing fishing quotas. This ensures sustainable productivity. The New Zealand fisheries quota management system (QMS) was put in place in 1986 to make the fishing industry more efficient by renewing ocean habitats and conserving fisheries stock.

 

The seafood industry is well established all over New Zealand; the major hubs being Nelson, Auckland, Canterbury, Timaru, Southland, Tauranga, Napier and New Plymouth.

 

The seafood industry of New Zealand comprises of over 2500 enterprises that include fishermen, publicly listed joint venture or family owned seafood companies, and fisheries stakeholder organizations.

 

The New Zealand seafood industry offers great investment opportunities. Aquaculture is one of the fastest growing sectors of the New Zealand seafood industry. Aquaculture refers to the farming of shell fish and finfish. It is estimated that this sector will grow three times its current value to $1 billion by the year 2025. The aquaculture industry is currently worth about NZ $ 320 million per year. The sector requires investment in R & D, technology and productivity. Nelson and Coromandel are the major aquaculture areas.

 

Other seafood industry related lucrative investment options are vessel operations, wholesale and retail, and processing. Innovative entrepreneurs are always encouraged in New Zealand. Thus, you can be sure of government help and incentives. Besides, economic outlook of the seafood industry appears favorable; strong growth in the export demand is predicted. Investing in New Zealand's seafood industry is a profitable move.

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