Bord Bia, in conjunction with the Futures Company, has produced a report on the future opportunities and challenges facing Ireland’s seafood industry, November 2014.  Entitled Future of the Global Seafood Industry: Opportunity Platforms for the Irish Seafood Sector, the report aims to answer questions such as how will consumer attitudes and consumption of seafood change over the next 10 years; and what opportunities for growth and innovation will this present to the Irish seafood sector?

The report identified some 31 drivers of change across a diverse range of areas; such as social, demographic, health, environmental, political, economic and consumer drivers. Examples of these drivers include growing disposable incomes in emerging markets, climate change, rising consumer awareness of health and nutrition, mounting concern about the environmental impact of consumption, rising global population, and development of aquaculture technologies. It is clear that these drivers can and will influence the future of the seafood industry, though analysis suggests that some of drivers of change will impact the industry with a greater degree of certainty than others. For example, as the global population rises it is certain to lead to an increase in the demand for protein. Likewise, growing aquaculture production and exports from emerging markets such as Chile and China will exert downward pressure on fish prices. Another factor that has a high degree of certainty is that the future resource constraints will increase reliance on aquaculture. In contrast, there are developments and drivers which introduce some uncertainty. On the industry side the speed of consolidation in the seafood industry, the rate of adoption of new aquaculture technologies, and the development of marine biotechnology cannot be predicted with any great degree of certainty. Consumer attitudes tend to be difficult to predict due to their fluid nature. Consumer trust in the seafood industry, concern about processed foods and additives, and their awareness of healthy nutrition are relatively easy to measure at any given time, but their openness to influence from external factors (such as income, public opinion, and lifestyle trends) make them difficult to predict over extended periods of time. To accommodate these uncertainties, four potential scenarios can be explored relating to the future of the global seafood industry over the next five to 10 years. The likelihood is that the actual reality will contain elements from all four scenarios, but they are useful in guiding strategic thinking. The scenarios, in brief, are:

• Super Protein – people want a healthy protein source they can rely on. In this world the industry adds value through innovation that optimises health and builds trust;
• Celebrating Seafood – people care about sustainability and are looking for innovative ways to enjoy seafood through experimenting with a wide range of species and cooking techniques;
• Cheap Calories – people want protein that gives them what they need with minimum expenditure of time and energy. The industry can add value through innovation which creates more product for less money; and
• Carefree Indulgence – people want seafood that opens up new experiences and sensations, and they are willing to pay for it. The industry can add value by finding ways to source exotic species and by creating products that tantalise the senses.

While scenarios can give insight into the certainties and uncertainties that influence the global seafood industry, the Irish seafood sector needs to be able to use the information to innovate, identify opportunities, and add value. A number of opportunity platforms are explored in the report.

• Building trust chains with transparency and traceability – going beyond the label to tell provenance stories through technology; opening up the supply chain to educate through data; building moments of trust through the path to purchase
• Optimising health for all – reframing seafood as a healthier substitute to meat; targeting individual dietary needs and aspirations through seafood; creating seafood experiences that deliver moments of healthy pleasure.
• New life for long life – the opportunity for the seafood category to reposition long-life products (frozen, canned) as sophisticated shortcuts to fresh by using new innovations to limit any perceived compromise.
• New value in old places – reinventing recipes; placing emphasis on off-cuts as ingredients rather than as products; developing health enhancing nutraceuticals from seafood off-cuts.
• Modular mealtimes – portable seafood – diversifying out of home and portable solutions by blurring meal and snack formats; clean experiences – creating high engagement with seafood through no contact preparation; local customisation – providing universal building blocks for customising to local tastes.

For more information please contact Karen.devereux@bordbia.ie. You can download the Future of Global Seafood Industry report at http://www.bordbia.ie/industry/manufacturers/insight/publications/bbreports/Documents/FutureofGlobalSeafoodIndustry.pdf