The Vietnam Association of Seafood Exporters and Producers (VASEP) report that during the World Tuna Conference held in Vigo, Spain, experts said EU tuna processors should focus on increasing the value and level of compliance. In the case of tuna products through innovation, they cannot win the price competition with similar products imported from Ecuador and China. EU tuna producers cannot influence factors beyond their control such as cheap tuna imports from non-EU countries.
Over the past three years, Chinese sales to the EU have been growing rapidly, with the EU also increasing imports from Papua New Guinea and the Philippines. Under the EU’s self-imposed tariff rate quota program (ATQs), the volume of tuna loins or portions from countries, such as China, exempted from import duties on this market may reach 50,000 tons. Ecuador remains the largest source oftuna loin / tuna portions for the EU, although its export volume to this market is decreasing. However, Ecuador’s canned tuna exports to the EU are increasing, as the country gains a competitive advantage from signing a free trade agreement with the EU. Therefore, EU processors must focus on the opportunities and actions they can control.
Experts say that companies need to look further, build their future based on strategies other than low cost.
According to the chief executive of Princes and Bolton Group, new and improved products will become an effort to arouse consumers’ interest in tuna products.
Quality and value
Instead of investing in the price war and struggling to gain market share, the investment is ineffective in the context of a falling market, money should be devoted to marketing, focusing on the quality and resonant value that consumers spend. For example, an American tuna company focused on lowering product prices without compromising product quality and eventually the demand for canned tuna continued to decline.
New innovative products will appeal to younger consumers who care more about product sustainability and their health. At the same time, they look for convenient, instant or less processed products. New flavored products and attractive packaging will appeal to buyers. In the US market, the sale of value-added tuna in various flavors has flourished.
The European tuna industry needs to modernize an outdated post-war business model to a sustainable development model that aims to attract and retain consumers.
Source: fit.com