Economics
- The world-wide Shark Fin market is reported to be a US $1 billion dollar plus a year industry
- Hong Kong is the trading capital for Shark Fins
- Demand increased steadily 6% a year with the opening of China’s mainland in the 1980’s and acceptance into the World Trade Organization in 2001
- A pound of Shark Fin meat can retail for more than US $300 dollars
- The Largest recorded year of imports to Hong Kong was in 2003 with 6,960 tons, worth an estimated $400-550 million US dollars
- Estimates based on shark fin trade data suggest that between 26 and 73 million sharks are traded annually worldwide
- People eat shark fins because it is believed that the strength of the animal will be bestowed upon them
- Shark Fins are used in some chinese medicines
- Shark Fins are believed to be tonic, such as chicken noodle soup during the winter
- The high price of sharks fins stems for the exoticness of the delicacy, it is used as a status symbol
- Shark Fin soup is usually served at ceremonial events, such as weddings
- Very private dinner parties will post the price of the fin outside the door as a status symbol
- There is no system or grading of goods so people believe large fins from large sharks are the best, even though they are the worst in actual food quality
- in Japan, fake shark meat is produced by mixing mung bean extract and loose shark fin needles, which is ok as long as 10% is real shark meat. This reduces the imports of Shark Fins into Japan but allows the Shark FIn soup industry to continue
- in 1998, the average price for dried processed caudal fins 25.4cm (10 in.) in length was US$ 415.00 retail in Hong Kong
- Hong Kong is the trading capital for Shark Fins
- Demand increased steadily 6% a year with the opening of China’s mainland in the 1980’s and acceptance into the World Trade Organization in 2001
- A pound of Shark Fin meat can retail for more than US $300 dollars
- The Largest recorded year of imports to Hong Kong was in 2003 with 6,960 tons, worth an estimated $400-550 million US dollars
- Estimates based on shark fin trade data suggest that between 26 and 73 million sharks are traded annually worldwide
- People eat shark fins because it is believed that the strength of the animal will be bestowed upon them
- Shark Fins are used in some chinese medicines
- Shark Fins are believed to be tonic, such as chicken noodle soup during the winter
- The high price of sharks fins stems for the exoticness of the delicacy, it is used as a status symbol
- Shark Fin soup is usually served at ceremonial events, such as weddings
- Very private dinner parties will post the price of the fin outside the door as a status symbol
- There is no system or grading of goods so people believe large fins from large sharks are the best, even though they are the worst in actual food quality
- in Japan, fake shark meat is produced by mixing mung bean extract and loose shark fin needles, which is ok as long as 10% is real shark meat. This reduces the imports of Shark Fins into Japan but allows the Shark FIn soup industry to continue
- in 1998, the average price for dried processed caudal fins 25.4cm (10 in.) in length was US$ 415.00 retail in Hong Kong