The report also explains the EU fishery polices which the union uses to manage its fish stocks.

Glitnir, a supplier of financial services to the seafood industry, says the report provides an up-to-date analytical overview of the seafood industry in the EU through the use of seafood value chain.

The European Union countries are not only among the world's wealthiest, but account for 45 per cent of all global seafood imports. Even if trade between the various member states is excluded it still has the largest market, with 27 per cent of total seafood imports worth almost 16billion euros or some £14billion sterling.

The report says many people criticise the Common Fisheries Policy and the EU method of fishery management, especially the establishment of total allowable catches (TACs) which are often labelled as unsuccessful, but the management is necessarily complex because of the number of countries involved. However, they are moving in the direction of sustainability, says Glitnir. Individual stocks and fishing areas are many and the situation is viewed differently from country to country.

For example, cod is seen as the most important species by Danish fishermen, but catches have gone down considerably in recent years. However, the situation in the Baltic, the area most important to Denmark, is better than those around other states.

In France and Spain, aquaculture is playing an increasingly important socio-economic role and the industry generally seems to have a very bright future, with marine water accounting for 80 per cent of total production. The report lists Spain, France, Britain and Italy as the biggest contributors of farmed seafood with steady growth almost certain and says that together the industries in all these countries will help to ease the pressure on natural fishing grounds.

Non EU European countries like Norway and Iceland remain the largest outside suppliers of fish to the union, but Vietnam, China and Thailand are starting to close the gap.

The reports finds that the UK is to increase its consumption of fish although it is still some way down the league table. The latest figures show that on average Britons consume about 20 kg a year - more than a fifth of all protein consumption - and chilled or fresh seafood is still top of the shopping list. However, salmon has overtaken the two previous leaders, cod and haddock as the main species, although they both remain highly popular. Shellfish such as prawns are also selling in increased quantities.

Reports of the gradual demise of the UK frozen fish category are way off the mark and, within the retail trade, this sector still accounts for 50 per cent of total volume seafood sales.

The Glitnir report concludes that the overall outlook for seafood in the European Union is promising, thanks to the boom in the aquaculture industry and the awareness for healthy food among European consumers. It is not know yet what effect the recent sharp rise in food inflation will have on seafood, but it is not thought likely to throw out recent predictions.

www.fishupdate.com is published by Special Publications. Special Publications also publish FISHupdate magazine, Fish Farmer, the Fish Industry Yearbook, the Scottish Seafood Processors Federation Diary, the Fish Farmer Handbook and a range of wallplanners.

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