Bord Iascaigh Mhara will meet leading seafood processors in the coming weeks to discuss financial and advisory supports to protect Ireland’s €92m domestic salmon market.
Following its meeting with 12 Irish seafood processors in the Maldron Hotel, Portlaoise, BIM hopes all seafood companies will suggest solutions for the salmon sector to the new Domestic Seafood Council.
Recent high price increases for salmon have led to volatility and difficult trading conditions in the domestic market.
The average fresh import price of salmon increased by 23% from 2015-2016 with the average retail price increasing by 3% over the same period.
“This is the most sustained price increase our processing sector has faced to date,” BIM’s Richard Donnelly advised seafood producers.
“As demand for salmon continues to grow but global production reaches saturation, our processors are losing margin on what is our most popular and valuable product worth €92m in domestic sales alone.”
Industry leaders attending the Portlaoise event heard options to increase raw material supply from Ireland.
They also gained insights into efficient costing models for processing and sales of salmon and the potential for group purchasing logistics to drive efficiencies.
Richard Donnelly outlined trends in Irish salmon production and the outlook for future salmon supply.
Cora Campbell of research agency Kantar World Panel detailed the growing demand and consumer desire for salmon in the Irish retail market and the potential to grow this market further.
Jan Erik Oksenvag from International research agency Kontali gave a detailed insight into global salmon production trends, with forecasts for short and longer term supply and the effects this may have for the Irish Seafood Sector.
Brendan O’Donovan of AIB explained how seafood companies can look at currency hedging as an ‘insurance’ policy to minimise risk.
© Irish Examiner Ltd. All rights reserved