Oslo, Norway-based krill-fishing and biotech company Aker BioMarine has increased its sales in China by 60 percent year over year in the first three quarters of 2024.
This growth has occurred during a time of change at Aker, which recently sold a 60 percent stake in its fishing and feed ingredients business to private equity firm American Industrial Partners, planning to now focus on consumer-facing products.
While Aker has found solid demand for its krill-based consumer products, there are also geopolitical issues facing the global krill supply. The Antarctic krill fishery is managed by the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR), a body which has been deadlocked over how to prioritize sustainability in the region.
Simon Seward, the CEO of human health ingredients at Aker, discussed the intricacies of the Chinese market, its plans for future growth there, new ownership at Aker, and how the firm attempts to prioritize sustainability while fishing for krill in a fragile Antarctic ecosystem.
SeafoodSource: Is weaker consumer sentiment in China impacting your ability to launch new consumer-facing products?
Seward: While broader market conditions in China have shown some challenges, we’ve experienced significant growth in the region, with a 60 percent increase in sales in 2024 compared to the previous year. This demonstrates that the Chinese population values good health and actively prioritizes it by continuing to purchase krill-based products.
Our strong growth highlights the demand for our premium, science-backed health solutions, and we remain confident in our ability to launch new consumer-facing products successfully.
SeafoodSource: Have you had to reduce consumer prices in China due to the nation’s economic conditions
Seward: We have not made any significant changes to pricing in China. Our products are positioned as premium, science-backed health solutions, and we continue to see strong demand in this segment. Our strategy focuses on communicating the unique benefits of our offerings, ensuring consumers understand the value we provide.
SeafoodSource: How have your overall global sales performed? What percentage of your sales were in China during the first three quarters of 2024? Is it your biggest market?
Seward: Our sales growth in China reflects the strong demand for our products in this key market, contributing significantly to our global performance in 2024. While China remains an important growth driver for us, it is not our largest market...
