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Aquaculture Magazine reports:
The company’s CEO believes that the shrimp industry has the potential to surpass the sustainability achievements seen in the salmon sector.
Carlos Diaz, CEO of the international company Biomar, participated at the recently celebrated Global Shrimp Forum (GSF) 2024 with a fresh perspective on the aquaculture industry’s future. Diaz gave a forward-looking perspective by comparing shrimp and salmon, two of the world’s most popular seafood choices. While shrimp currently has a higher carbon footprint than salmon, the directive expressed optimism about its potential.
On his participation at the GSF 2024, Diaz focused on better practices, smarter feed technology and certifications, Diaz believes the shrimp industry has the potential to match, or even surpass, the sustainability achievements seen in the salmon sector.
He also focused on the need for ongoing raw material innovation in the shrimp sector. Drawing from BioMar‘s experience, Diaz highlighted that real change often starts small, which can initially come at a higher cost.
“Usually, they start on a small scale; therefore, they are more expensive,” he pointed out regarding raw materials. “I think there’s no way we can do it if we always focus on the cheapest ingredient around…It’s not possible to do it if we don’t test it and try it over and over”. Diaz stressed that cutting costs is not a sustainable strategy; continuous research and innovation are crucial to achieving long-term success.
The impact of lower raw material prices
At GSF 2024, Diaz joined forces with other members of the Biomar’s team, Henrik Aarestrup, VP Latam, Shrimp & Hatchery; Katherine Bryar, Global Marketing Director; and Michael Gammelgaard, Business Development Director, to dive deep into the challenges and opportunities facing shrimp aquaculture today from Biomar’s perspective.
Aarestrup contributed to discussions in two sessions, ‘Shrimp Feed: Commodity Update and Feed Manufacturers’ Perspectives’ and ‘Feed Responsibly: ASC Feed Certification’. He discussed the expected easing of shrimp feed prices due to reduced raw material costs like soymeal, wheat, and fishmeal. “We do see an easing in some of the raw material prices,” he explained. “That is, of course, very good news… the interesting thing is… how much and when?”
He pointed out that the impact of lower raw material prices would vary across markets due to differences in supply chains, creating potential delays in cost reductions reaching farmers.
Challenging assumptions about consumer barriers
For her part, and during the “Driving Consumption” session, Bryar shared insights on understanding consumer behavior. Drawing from her experience with the Australian Egg Council, Bryar emphasized the importance of challenging assumptions about consumer barriers, noting that barriers to increased consumption might lie in product design and usage.
“Don’t assume you know the barriers to shrimp consumption,” she advised, illustrating how addressing simple consumer concerns helped the egg industry in Australia grow significantly. “Today, 88% of the Australian public trusts Aussie eggs,” Bryar added, suggesting that similar strategies could work for shrimp if we focus on consumer education and simplifying product appeal.
Crucial innovative collaborative partnerships
Finally, Gammelgaard closed the Biomar participation at the Forum with a discussion on the future role of feed companies in the shrimp industry. At the “Finance and Investment Summit: M&A and Inorganic Growth in the Shrimp Industry,” Michael highlighted that “innovative collaborative partnerships” are crucial in mature markets.
“In mature markets, you have to be a partner with the big farmers,” he emphasized. “We’re not talking cost-per-kilo feed; we’re talking cost-per-kilo shrimp. We’re talking sustainability.”
Gammelgaard underscored that the future of feed companies depends on building trust through transparency, data integration, and traceability: “This is the way to move forward. This will be the future role of feed companies.”
He also spoke on the importance of multichain collaboration, from feed suppliers to farmers and retail, to create a unified value proposition. “In Ecuador, our strongest shrimp market at the moment, there is a request from farmers to go into joint branding or go into certifications where the feed supplier is a huge part” he noted. “The retail chains would like to see the feed come in, step up and tell the story, the same story as the farmers.”
