Demand for Wild Pollock Gains Traction in Asia Following Boost to Imports
According to the Food and Agricultural Organization for the United Nations, wild pollock is currently recognized as a certified, abundant sustainable fish internationally. The fish is often the staple ingredient in a number of retail seafood products such as fish fingers and cakes. A direct cousin to the cod, has become one of the more popular fish variants in recent times owing to sustainability trends.
Wild pollock is primarily harvested from regions such as the Atlantic areas and near Alaska, where fishing companies from Russia and the United States, conduct most of these activities. The consumption of wild pollock has substantially risen owing to government regulations that are associated to the quota of harvests and is expected to reach a consumption level of 3.5 million tons by 2020.
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In the near future, wild pollock is expected to witness strong demand around the world through the medium of exports in whole, canned, and frozen formats. The demand for the fish is expected to stay up owing to low cholesterol and high protein content.
Russian and American Companies Raise Intensity of Competition
The low price of wild pollock coming from Russia coupled with increasing trade rates through exports from the United States, has pushed Chinese food processing companies to source more of the fish from businesses based out of Russia.
The trend has been witnessing change since early 2019 when the Russian Federation raised tariffs on their wild pollock by ~ 24 per cent. The change has made businesses in the United States more competitive. This is further augmented by changes made to increase the harvest quotas for companies in the United States.
Major players in the business seek to increase their potential for growth by expansion of fishing fleets and also be strategic mergers and acquisitions. Some of the top names in the business include the Trident Seafood Corporation, and the Maruha Nichico Corp. The industry also includes smaller companies such as the Jeka Group, Pacific Andes International Holdings Ltd., the Russian Fishery Company, and the American Seafoods Company.
Rise in Imports Drives Wild Pollock Supplies to Asia
The global wild pollock market is expected to rise substantially with recent changes made to regulations in China, which is a key market for the processing of fish products. Most of the consumption of wild pollock in countries in South and East Asian countries is through import sources.
The growth of consumption is especially high in China. Consequently, Chinese importers have been pushing sources from around the world to meet the high demand, which will increase global exports and new opportunities for businesses to increase their regional presence.
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On the other hand, these favorable factors are projected to be hampered and positives are to be offset by the continuing trade war between the United States and China. However, the trade dispute is also expected to push businesses to look elsewhere including nascent processing industry markets such as Indonesia, Mexico, Thailand, and Peru.
Randy Morales
I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for News Cast Report specializing in quicker moving active shares with a short term view on investment opportunities and trends.
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