Western European countries with seafood as their staple diet are relatively safe from the effects of the economic downturn, according to Rabobank Group, a global leader in food and agriculture financing and sustainability oriented banking.
Highlighting traditional fish products such as fish and chips in the United Kingdom, hake in Spain, baccalau in Portugal, mussels in Belgium, herring in the Netherlands and carp in Poland, Rabobank seafood industry analyst Gorjan Nikolik said that staple seafood products are protected from the crisis because of their importance in the daily diet of Western European consumers.
"Traditional seafood products have been the least impacted segment since these products are considered essential to the consumer's cuisine and culture," said Nikolik. "For the UK consumer, there is no substitute for cod when serving up fish and chips. In the Netherlands, there is no trade down from raw herring with onions to another kind of fish. The more imbedded the type of fish is in the culture, the less likely it will be affected by changes in the economy."
Rabobank is among the world's 15 largest financial institutions. The company's detailed analysis focuses on the "back to basics" trend of eating at home.
"The trading-down trend is having a significant impact on Western seafood processors and especially foodservice suppliers," said Rabobank's latest report.
While the company's prognosis for at-home seafood consumption is positive, the outlook for away-from-home seafood consumption is not so upbeat. More than 50 percent of seafood sold through the restaurant trade in Western Europe, which impacts products like shrimp, fresh tuna and sushi during an economic downturn.
Nikolik said sushi consumption has fallen 50 percent in some regions of Western Europe.
"The sushi-eater is consuming less in the restaurant, and there is really no replacement product for fresh sushi," said Nikolik. "Therefore, restaurants serving sushi and those supplying fresh fish to these restaurants are highly impacted."
May 14, 2009
