April 2021 Editorial

Where is the industry headed in the year ahead? From retail and foodservice trends to supply forecasts, all parts of the marine ingredient value chain have been affected by the covid-19 reshuffle. It has brought re-channelling and changed consumer behaviour, which in turn have demanded production patterns and logistics to adapt.

Let’s take a look at crustaceans and salmonids, which both make up around 14% of the 2019 world fed-aquaculture production. The world aquaculture production of these species keeps growing with fishmeal and fish oil remaining critical in their feeds. In 2019 salmon and shrimp farming were responsible for 25% and 15% of the global consumption of fishmeal, respectively, while salmonids consumed more than 70% of the world´s fish oil.

The shrimp industry has traditionally been reliant on the foodservice, so it was greatly affected by the covid-19 related lockdowns in 2020. The industry as a whole has however shown great resilience and has been able to adjust to the new normal making a great come back in some markets, like the US, thanks to the retail sector. Other important markets such as the EU and in China have been more problematic, but 2021 and the vaccination rollouts bode well for a recovery in there too. Analysts expect this year to be a buyer’s market for shrimp, so supply and feed consumption worldwide looks positive for 2021.

Similarly, salmonids have continued to enjoy a trend of increased consumption worldwide, with a significant spike in retail market sales during the covid19 pandemic.

The question is if, and when the foodservice will be back, and what the composition of the combined demand post pandemic will be.

It is exciting to be witnessing those trends being established and shifts happening at such an accelerated pace. Our next Members webinar, on 20-21 April, will address these important topics, starting with a panel discussion focusing on shrimp and salmon, thanks to the inputs of our speakers.

Come and join!