New Zealand King Salmon pulls out of Chinese market

 

New Zealand King Salmon halted sales in China while many other companies are moving into the market, said CEO Grant Rosewarne, citing that the company could not supply enough salmon to meet future demand.

The company's last order went in last week, according to The Marlborough Express reports.

The New Zealand aquaculture company went into China with the hope of setting up nine new farms in the Marlborough Sounds. The company expected to sell 5,000 tonnes and earn between US$80 million and US$90 million a year. However, only three new farms were approved.

"We have no prospect of sending meaningful volumes. With three farms we can only serve growth in the existing markets," Rosewarne said. "It's a lost opportunity. We're disappointed for our customers, we were in high premium outlets, mainly food service," he added.