Seafood Expo in Barcelona

Philipp Hämmerli | May 13, 2024

Industry exhibitions are good indicators of how a specific sector is doing. Our analysts seized the opportunity and traveled to the Seafood Expo in Barcelona in April 2024 to gauge the mood. The record attendance of over 35,000 seafood specialists alone impressively demonstrates the growth path of this sector within global food industry. Bonafide shares impressions of the world's largest seafood trade fair.

View from above into one of the seven huge exhibition halls at the Seafood Expo in Barcelona. Source: Bonafide

Seafood association from Japan

When we visited the yellowtail kingfish farms in Japan in November, we asked ourselves whether the cluster has an association that markets the fish internationally. After all, the yellowtail produced must be sold in suitable markets outside Japan. It was therefore extremely pleasing that the “Japan Farmed Fish Association” was already founded in 2022 and was represented at the trade fair in Barcelona with an appropriate stand. Buyers were able to sample freshly prepared morsels of yellowtail kingfish several times a day and be impressed by the taste.

Stand of the Japan Farmed Fish Association promoting yellowtail kingfish. Source: Bonafide

Salmon's dominance

Although the exhibition space for yellowtail kingfish is growing steadily, it remains a sideshow for the time being. The Expo is dominated by the orange-colored salmon fillets and their producers. Even in the showcases of middlemen, salmon is on display almost everywhere, prettied up and chilled on ice cubes. The Norwegian and Chilean stands leave no doubt as to where the best margins are achieved. As consumers continue to accept higher prices for salmon, buyers are compelled to purchase this versatile fish at a premium price.

More attention is not possible: SalMar banner at the main entrance. Source: Bonafide

US market weakens

The party at the salmon farmers' pavilions could be even more exuberant if it weren't for the weakening US salmon market, which has been in a slump for three consecutive quarters. Depleted savings and rising food prices are prompting consumers to switch to cheaper alternatives, leaving noticeable marks on salmon prices across the Atlantic. Maintaining robust product marketing and thus the steady development of demand through promotions is crucial. Mowi, the only producer operating in seven different regions worldwide, is taking the lead. Its recently launched "Mowi 7 Origins" campaign in the US aims to entice consumers to try and compare salmon from all its regions.

Mowi's trade fair stand under the sign of its global brand. Source: Bonafide

Mowi's US Campaign Showcases Salmon from Its Seven Farming Regions

(Source: MOWI Salmon US / youtube.com)

Supplier industry also onsite

In recent years, suppliers of processing machines, packaging, and farming equipment have also been present. The expo provides a platform for announcing major investments or exploring new technologies. For instance, Grieg Seafood has announced a contract worth 130 million Norwegian kroner with the German Baader Group for their new processing lines at Oslo Airport. Compared to previous years, we have noticed an increased presence of executives. Ultimately, people attend trade fairs seeking what they desire most: genuine, interpersonal connections instead of interactions with artificial intelligence.

Lots of movement in front of the Nissui Group stand. Source: Bonafide

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