Chinese demand for Icelandic salmon outstrips supply

Demand in China for Icelandic salmon far exceeds what Icelandic suppliers can provide, mbl.is reported, citing the head of Chinese processor Queen’s Fish.

Jins Gaofa, the company’s chief executive, said at a meeting organised by Business Iceland with representatives of the Icelandic seafood industry that the value of China’s salmon import market could increase fivefold in the coming years. It could grow from 20 billion yuan to more than 100 billion yuan, equivalent to about 1.83 trillion Icelandic krónur.

A newly launched direct Air China service between Iceland and China could make a significant difference to exports, Gaofa said. Freshness is crucial for food products and helps secure the highest prices in the market.

Salmon consumption in China remains low, at about 157 grams per person a year. Sales are largely made through online shopping and influencers’ livestreams, with women aged 30 to 45 the main target group.

Queen’s Fish plans to build two new salmon-processing plants in China as the market grows. Gaofa said Icelandic salmon has strong potential and a good image in the country, but needs more promotion to reach the standing of Norwegian salmon.