New Opportunities, New Trends And Innovation Coexist

(Shanghai, 25 May 2022, China) The Norwegian Seafood Board recently released its Annual Seafood Consumption Trends Report, sharing new global consumption trends in the rapidly evolving seafood industry in the context of COVID-19. Online grocery retailers are booming globally as people's shopping habits change due to offline store closures and travel restrictions caused by COVID-19, according to the report.

Across the industry, wholesalers and local independent restaurants are exploring innovative profit models to meet the challenges posed by the epidemic, providing convenient and diversified solutions while constantly meeting the needs of a sustainable consumer base.

According to the report, young consumers are the main force driving the trend change. Although they buy less fish and seafood, they are largely responsible for the development of emerging business models. Young people are more easily inspired by the Internet and are willing to try simple, convenient and novel products. In addition, they also pay more attention to the transparency of corporate sustainability information.

Desire for convenience

Lars Moksness, consumer behaviour analyst at the Norwegian Seafood Board, says e-commerce has grown rapidly this year as millions of consumers choose to shop online during the pandemic. The question is no longer "will you shop online?" "But" How do you shop online? Which platform?"

· Some regions are far ahead in e-commerce: Asia-Pacific is the largest market in the world with 9% of grocery sales on e-commerce platforms in 2020. According to a 2021 McKinsey research report, 74 percent of Chinese consumers have used grocery delivery services in the past three months.

· Some regions are growing rapidly during the pandemic: Although Latin America accounted for only 2.7% of food sales on e-commerce platforms in 2020, eMarketer found that Latin America was the fastest growing e-commerce market in the world (up 36.7% year over year).

· In terms of seafood, the top three markets for buying salmon online are all in Asia: 29% of respondents in China said they regularly buy salmon online, followed by South Korea and Thailand.

In addition to accelerating the development of e-commerce platforms, the pandemic has also intensified consumers' pursuit of innovation and convenience. From flash delivery service to the development of prefabricated set meals in restaurants, consumption habits have been rapidly formed in the past two years.

The report also points to some emerging business models, with Moksness specifically pointing to "last mile" delivery or third-party logistics service providers. "I believe it will play an important role in boosting the local economy. "Third-party services can enable the development of small and micro businesses, such as providing more business opportunities to vegetable farms or fish markets that are unable to build online shopping platforms."

Trust can be a key issue when shopping online, especially when it comes to 'riskier' foods like meat and seafood, because consumers can't pick and choose. "Last mile" delivery can alleviate this pain point.

"When you can order fresh fish from your local fishmonger, it removes the trust issue in the product because you know the store and have bought the product there before." "The only difference," Moksness explains, "is that goods are delivered directly to your home."

This also provides an opportunity for the future development of the sea industry.

Responsible spending

In recent years, both the government and consumers have raised higher requirements for the transparency of sustainable development information. To this end, the Norwegian Seafood Board's annual report also focuses heavily on the topic of sustainable development.

The report asks "Is the need for convenience an obstacle to sustainable development?" Moksness thinks not. As technology advances, he says, the two complement each other. For example, as online shopping continues to grow, there is a growing need for sustainable packaging in addition to logistics, opening up more opportunities for innovative logistics and reducing the use of plastic packaging.

The seafood industry has a wealth of cases to share in the integration of technology and sustainable development. Norwegian company Vesteralen Havbruk uses blockchain technology to increase transparency and meet the needs of young consumers concerned about health, climate and animal welfare.

In addition, the Norwegian Seafood Board's "Godfisk" consumer promotion in the local Norwegian market uses technology to show consumers how to simply cook sustainably caught seafood and new products such as salmon surimi. Delicious products, easy to cook, help consumers reduce red meat consumption and increase seafood consumption in a sustainable and planet-friendly way.

Healthy consumers and a healthy planet

The second annual report of the Norwegian Seafood Board identifies future opportunities for the seafood industry and beyond. The global consumer demand for convenience is increasing year by year, and sustainable solutions are becoming an increasing priority. Businesses everywhere need to focus more on investing in sustainable changes that bring more healthy products to consumers in ways that are good for the planet.

About the Norwegian Seafood Board

The Norwegian Seafood Board, part of the Norwegian Ministry of Trade, Industry and Fisheries, works with the Norwegian fisheries and aquaculture industry to develop the Norwegian seafood market through local market intelligence, market development and reputational risk management. The Norwegian seafood industry funds the activities of the Norwegian Seafood Board by levying tariffs on all Norwegian seafood exports.