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. Globally, we continue to grow in line with our ambitious targets, supported by innovation, sustainability, and a diversified presence across regions.
SeafoodSource: What are your plans for 2025 in terms of new product launches?
Seward: In 2025, Aker BioMarine plans to build on the success of products like FloraMarine – a plant-based DHA omega-3 ingredient recently launched – by expanding its market presence and consumer reach. Additionally, we will focus on advancing new offerings, including Lysoveta, which supports brain health, as part of our commitment to addressing global health trends with sustainable solutions.
We are also exploring enhancements to our Superba Krill Oil portfolio while leveraging strategic partnerships to optimize distribution across key regions. By combining innovative product development with robust supply chain capabilities, we aim to meet the evolving needs of consumers worldwide.
SeafoodSource: What is the strength of Aker’s competition in China? Is this evolving as Chinese companies and policymakers put more focus and investment into krill fishing and product development
Seward: Our expertise, commitment to sustainability, and products provide a strong foundation for growth. To further strengthen our position, we are actively investing in consumer education to enhance awareness and trust. Our strategy remains centered on maintaining leadership through science and innovation, transparency, and a clear focus on delivering value to consumers.
SeafoodSource: How will the new ownership structure for your krill-fishing and feed operations affect your strong commitment to sustainability?
Seward: The new ownership structure will not compromise our strong commitment to sustainability. Aker BioMarine has always prioritized sustainable practices, and this remains at the core of our operations. Through a long-term supply agreement, we have ensured that the operational and sustainability standards for krill harvesting will continue to meet the rigorous benchmarks we have always upheld. This change is about enabling growth while preserving the values that define us.
SeafoodSource: Are the new investors and owners equally committed to the highest sustainability standards?
Seward: Yes, sustainability is a shared priority across the entire Aker group, including American Industrial Partners, the new co-owners of our Feed Ingredients business. All stakeholders understand the importance of adhering to the highest sustainability standards – not just as a moral obligation but as a key driver of long-term value. As active, engaged owners, we are particularly well-positioned to be a positive force for environmental, social, and governance progress within its portfolio of companies.
SeafoodSource: How is increasing geopolitical risk impacting the krill industry?
Seward: Geopolitical risks are a significant consideration for any global industry, but Aker BioMarine is well-equipped to manage these challenges. We have established a resilient and adaptive value chain designed to mitigate potential disruptions, supported by our commitment to sustainability and transparency. These principles have allowed us to maintain strong relationships with regulatory bodies, such as the CCAMLR, which oversees the well-regulated Antarctic krill fishery.
As a global company, we are accustomed to managing external volatility and remain focused on meeting the growing demand for high-quality krill products. Our diverse global footprint and adherence to strict regulatory frameworks ensure we are positioned to adapt and thrive despite external pressures.
