Cape Town, South Africa-based fish-processing company Oceana Group has recorced a positive performance within its canned fish sector, as well as its fishmeal and fish oil business, thus far in 2023. Suleiman Salie, the group’s managing director of its canned fish brand Lucky Star, talked to SeafoodSource on the organization’s recent performance and how the group navigates the stringent regulations its export markets place on all suppliers.
SeafoodSource: Oceana Group has recently announced an increase in revenue from its canned, fishmeal, and oil segments. How did the company achieve this?
Salie: We have three segments at Oceana Group: canned fish, wild-caught seafood, and fishmeal and fish oil in both South Africa and the U.S. The drivers behind our performance have really been the strength of the seafood market, the strength of fisheries resources, and, of course, our determination to ensure efficiency in our company operations. For instance, in the canned fish segment, we ensured adequate and affordable supply, especially in South Africa where demand remains high. This was the key to increasing our revenue. For our fishmeal and fish oil segment, it was all about efficient catch and the fact that we started on improved opening inventory levels. Demand for fishmeal and oil remains strong because the global aquaculture industry is huge and continues to grow, driven by the increasing demand for affordable protein sources among the growing population.
Although there are different global initiatives to address the increasing demand for protein from this growing population, seafood remains the main source of supply. Our wild-caught seafood is stable, and globally, aquaculture is growing, hence the demand for increased marine ingredients for aquafeed production. There is also high demand for canned fish, especially in South Africa, largely due to its relatively affordable pricing compared to other protein alternatives such as chicken.
SeafoodSource: The push toward seafood-processing companies embracing the idea of 100 percent fish utilization has been a trend for some time now. How has Oceana Group performed on this front?
Salie: Oceana Group produces the canned fish brand Lucky Star, and all fish trimming from the canning process goes immediately into fishmeal and oil production. These are …
Photo courtesy of Oceana Group
