December 27, 2013

Mitsubishi enters seafood market in China through joint venture

Mitsubishi Corporation enters the Chinese seafood market through its joint-venture with Zhejiang Ocean Family Co., Ltd., establishing Zhejiang Daling Seafood Co., Ltd. in Hangzhou, China to process and supply seafood to the Chinese market.

Zhejiang Ocean Family Co., Ltd., (ZOF) specialises in ocean fisheries and the processing, sale and distribution of seafood. ZOF has also been a pioneer in developing the sushi and sashimi markets in China through its "Ocean Family" brand of products and the launch of seafood counters in high-end supermarkets and department stores. ZOF holds 75% share of the joint venture, while MC holds 25% of the new company's share.

The new company will take over these domestic sales and marketing functions from ZOF, while drawing on the knowledge and experience gained by Mitsubishi Corporation (MC) in the Japanese market to introduce a new style of seafood sales and distribution in China.

The new company will seek to meet the growing demand for sushi and sashimi by extending the range of products distributed in the Chinese market, including products from MC group farms such as Chilean farmed salmon, Thai farmed shrimp and Japanese farmed tuna, as well as wild tuna caught by ZOF's fishing vessels. Furthermore, the new company will also handle fresh seafood such as scallops, saury and yellowtail from Japan. This expansion in the availability of washoku, or Japanese style cuisine, fits well within the context of an increasingly diversified Chinese food market.