Unlocking Market Trends at the Seafood Expo North America 2024: Insights and Opportunities

Boston seafood expo north America

The Seafood Expo North America (SENA), held from March 10-12, 2024, at the Boston Convention and Exhibition Center, marked a significant milestone in the aquatic products industry. Celebrating its 42nd year, the expo saw participation from 1,210 exhibitors from 49 countries, a 6% increase from the previous year, including prominent representation from China, Ecuador, Japan, Norway, and the United States. This year’s event was pivotal, highlighting the evolving dynamics within the North American seafood market and the increased interaction between international markets and Chinese enterprises.

Market Trends and Export Opportunities

White Fish Supply and Sales

The US market witnessed a surge in demand for white fish, particularly Alaska cod and Pacific true cod, driven by increased exports to Chinese processing plants. This shift came in response to the US’s expanded ban on Russian seafood imports, pushing Chinese plants to source Alaskan materials for processing. The demand spike led to the production of Pacific cod H&G, previously unseen in the past decade, with current prices ranging significantly.

Investment in Tilapia Production

2024 also saw tilapia producer Regal Springs tackling production challenges due to disease, with plans to reinvest in production capacity in Latin America. Known as the world’s largest tilapia producer, the company aims to build new hatcheries and upgrade technology to combat mortality rates and disease issues, ensuring sustainable production moving forward.

seafood expo

Japanese Seafood Exporters Set Sights on the US

With China’s ban on Japanese seafood following the Fukushima incident, the US has become a key market for Japanese exporters. The increase in Japanese restaurants in the US underscores a growing demand for Japanese seafood, promising enhanced opportunities for exporters at the seafood expo in Boston.

seafood expo north America

Emerging Competitors and Market Shifts

Peruvian Enterprises and Salmon Processing

Peruvian companies have begun to carve a niche in the salmon processing business, previously dominated by Chinese enterprises. Despite limited supply, these firms are actively seeking American buyers, challenging established networks and offering competitive alternatives.

Canadian Snow Crab Price Negotiations

The impending snow crab fishing season in Canada faces uncertainty with ongoing price negotiations. The outcome of these discussions could significantly impact the market, emphasizing the need for timely resolutions to avoid disruptions seen in previous years.

Global Shrimp Council’s Strategic Moves

The Global Shrimp Council announced its board of directors at the expo, marking a significant step in promoting shrimp consumption’s nutritional value. With the National Fisheries Institute as a partner, the council aims to boost shrimp product consumption in the US through effective marketing strategies.

Insights from the Seafood Expo North America

The Seafood Expo North America 2024 offered a comprehensive view of the current state and future prospects of the global seafood market. From the surge in white fish demand to strategic investments in tilapia production and the rise of new market players, the expo highlighted the industry’s adaptability and potential for growth.

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