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A British processor's perspective: Pangasius will replace pollock, and China is no longer the best supply chain option

 Last Update: 2023-02-02
 Source: Internet
 Author: User

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It is undeniable that since the war in Ukraine, more and more white fish importers around the world intend to avoid Russian products, and even those Russian cod processed in China have been treated differently, so European and American value-added processors have begun to look for alternatives, is it an opportunity or a challenge? Views in the industry are mixed
.

According to British processing company Princes, this (replacing China) is bound to be a future industry trend, and the company is ready to take full advantage of this trend to maximize
profits.

Princes' parent company is Japan's Mitsubishi Corporation
.
Since 2019, Princes' seafood division has been integrated into Mitsubishi Corporation's frozen food business
in the UK.
Mitsubishi Corporation also invested in Vinh Hoan,
Vietnam's largest pangasius producer.

Neil Bohannon, commercial director at Princes, told UCN that the war in Ukraine is a wake-up call for many British retailers that cod sourced from Russia is processed in China and then sold back to the UK, a model that may not be the best supply chain option
.

"Farmed pangasius is the only alternative to pollock and is ideal for making sticks and fillets
," Bohannon said.
”

"We are seeing a significant increase in demand for pangasius in the UK and other European countries, with some large players publicly announcing changes in their supply chain strategies from traditional wild pollock sourcing to a consistently more balanced model of supply, with a greater focus on the market for farmed pangasius, although it will take some time
.
" "It's also an important market dynamic that we want to capture, and we're actively involved in this area [pangasius
].
" ”

"Recently, we have received many inquiries about pangasius products, and this trend has only just begun and we believe it will be further consolidated
in 2023 and beyond.
" Bohannon said
.

But on the other hand, the situation in China is also changing
.
Since 2022, despite the complex situation of the epidemic and the remaining logistical challenges, China's pollock processing industry has performed quite strongly, and raw material imports have shown recovery growth
.

Princes' profits are on a downward trend, with revenue falling by £123 million to £1.
44 billion last year (ended March 31) and pre-tax profit falling 36% to £
28.
9 million.
The company blamed the decline in business on market volatility
caused by the coronavirus pandemic.

Princes' seafood business, which includes the ambient (canned) segment and the refrigerated and frozen business, accounts for about
20% of the company's total sales.

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