Last week, Target became the latest U.S. retailer to make a commitment. As one of the country’s largest discount chains, it promised to source 100% of its seafood offerings from a sustainable fishery by the end of 2015, including canned , frozen and fresh tuna.
To date, 63% of Target’s wild seafood meets the MSC standard, and another 24% is being assessed for certification. The standard is widely regarded as a rigorous and robust program – MSC-labeled products can be traced back to a sustainable fishery that has been certified by an independent, third-party.
Target, however, is not a trailblazer in sustainability as the company is following in the footsteps of other U.S. retailers. Back in 2006, Walmart pledged all of its fish products would be certified sustainable against the MSC standard. The giant discounter has since updated its policy to include all seafood species and as of January 2012, 76% of its wild seafood suppliers met the MSC requirements.
Major grocery retailers have also made similar promises. Kroger and Supervalu, for example, both announced they would source 100% of its top 20 wild-caught seafood products from sources that are certified by MSC, in full assessment, or involved in a Fishery Improvement Project with World Wildlife Fund (WWF) by 2015.
The country’s third largest food retailer, and the world’s largest membership wholesale club, has also taken steps to appease consumers. Costco has committed to stop selling wild-caught seafood that is at risk unless it comes from an MSC-certified sustainable fishery.
The concept of sustainability has become embedded and it’s here to stay, says Kerry Coughlin, regional MSC director of North America. Once businesses recognized the limited supply of raw material, they realized it had to be protected, she says.
“They have an obligation to do that both from a perpetuating the business standpoint and they have an obligation to that as global citizens of trade in that natural resource.”
Consumers, as well, are taking notice and growing conscious of their purchases. With awareness increasing, consumers are driving the movement towards a sustainable future.
“They (retailers) know that it’s becoming important to their consumers, and they want to present to their consumers that they’re ahead of that curve,” says Coughlin. Globally, there are 15,487 products that bear the blue-and-white MSC eco-label.
Germany is the leading country with 4,241 MSC-certified products, while the U.S. has 958 sustainable seafood products available.
Earlier this year, the free school skipjack fisheries of the PNA countries received MSC certification. With almost 50% of all skipjack in the world being caught in their waters, MSC supply from this fishery has the best chance of filling the demand in the US and the EU for certified canned tuna. Also the MSC certified US pole and line albacore fisheries are expected to benefit from this trend.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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