Global Seafood Insights: Updates from Undercurrent News

Catch the Current co-hosts Amanda Buckle and Lorin Castiglione provide exciting updates from the Groundfish Forum in Tokyo, Japan, which has been buzzing with activity. A dedicated team of reporters has been live blogging throughout the week, offering real-time insights. Additionally, Mati Mereghetti joins us from São Paulo, Brazil, where she’s been covering the fourth edition of the Seafood Show Latin America.

Groundfish Forum Highlights

This year, the Groundfish Forum in Tokyo has attracted a plethora of seafood industry experts. Our reporters—Tom Seaman, Masahiko Takeuchi, and Dan Gibson—have been immersed in the discussions, while Louis Harkell has been reporting on the Marine Ingredients Organisation’s annual conference, IFFO. They have navigated a busy week focused on trends in the groundfish market.

Insights from Seafood Show Latin America

Mati Mereghetti shared some intriguing observations from the Seafood Show, stressing the transformative influence of Japanese cuisine on Brazil’s seafood market. “What started as a niche within the Japanese community has become a national craze,” she revealed while interviewing Roberto Kikuo Imai from the Federation of Industries of São Paulo. Local fish like tilapia are now being creatively incorporated into sashimi and ceviche dishes.

Interestingly, Imai noted that there are now more Japanese restaurants than steakhouses in Brazil, emphasizing a significant cultural shift. The rising demand for freshness and quality is reshaping local fish markets, with sushi and sashimi becoming household favorites.

The Shrimp Market Under Pressure

In our podcast, Americas editor Jason Huffman and price reporter Gary Morrison joined the conversation regarding the challenges currently facing the shrimp market amid escalating tariffs. The scenario has put immense pressure on shrimp importers, particularly those reliant on products from India, where tariffs have surged.

US Tariff Implications

According to Jason, Indian shrimp importers have been facing a rollercoaster of tariff rates—from 10% to a staggering 50%—impacting their competitiveness. Discussions are underway between the Indian government and the US administration to potentially decrease the tariff, with hopes pinned on a resolution at the upcoming ASEAN conference. This is crucial, as India accounts for roughly 40% of US shrimp imports.

Further Developments in Seafood Trade

As the podcast progressed, Gary Morrison discussed the implications of these tariffs on the broader shrimp market and what fluctuations might mean for pricing and inventory management. Importers are feeling the heat, with many anticipating that any reduction in tariffs will still leave them grappling with higher inventory costs acquired during elevated tariffs.

Exciting Collaborations and Pop Culture Trends

In other exciting news, Nongshim, a Korean noodle seafood snack brand, has announced a collaboration with Netflix’s KPop Demon Hunters. This event highlighted the brand’s shrimp crackers, which are enjoying a surge in popularity, further emphasizing seafood’s growing traction in the mainstream market.

Alaska Seafood Spotlight at Upcoming Events

Looking ahead, Alaska seafood will get highlighted during the Macy’s Thanksgiving Day Parade, thanks to a new float from Holland America Line. A staggering 125,000 pounds of Alaska seafood has been served during their recent cruise season. This showcases the significant role of seafood in culinary experiences, creating buzz around sustainable sourcing.

Conclusion

For more insights on global seafood trends and to catch our latest updates, subscribe to Catch the Current available on platforms like YouTube, Spotify, and Apple Podcasts. Stay informed as the seafood industry continues to navigate challenges and innovations.

Gratitude to Our Sponsor

We extend a heartfelt thank you to our sponsor, Wisefish. With over 30 years of experience, Wisefish simplifies the operational complexities of seafood businesses, enabling them to thrive.