Digital Wave In Seafood Industry

To cite an example, AquaConnect, a marine food exporting firm of India provides digital solutions that help shrimp farmers identify quality products and farm-input purchases. Farmers also get notices and materials on growth and disease advisories, advice and information on affordable financing, and resources to connect to different markets in India.

Big data Analysis for Market Study

Data is the new oil of modern industry, and this phrase holds true for the seafood industry as well. Data achieved from the fishery industry can be used to monitor the trends in the market such as trades, prices and consumption.

In the seafood industry, there are now digital platforms that are aiding the businesses to analyse and aggregate big data, such as production, trade, and movement of prices. These prices can be consequently used for predictive analysis to generate a broad understanding of the future trends.

Kontali, a Norwegian seafood market intelligence platform, is offering services like data analysis, trade insights and price update for various species.

Technology Promoting Traceability

Today, sustainability has been a major concern in the marine food industry and stakeholders starting from government to consumers are demanding complete traceability. Businesses now tend to “over-exploit” and “under-explore,” leading to missed opportunities and sudden roadblocks, while the sustainable seafood system tends to do the opposite – “over-explore” and “under-exploit” – focusing more on innovation development and less on adoption.

For businesses, leaning on nonprofit organisations and NGO partners to help them “explore” could aid them in mitigating the cost in time and expense it will take for them to tackle more entrenched seafood sustainability issues. And on the flipside, the sustainable seafood system’s generally narrow focus on innovation development must be simplified and streamlined, as currently there’s a saturation of tools that are difficult to align, impeding meaningful impact.

However, Norwegian firm Vesterålen Havbruk can be cited here as an example of change in the industry. The firm uses blockchain technology to improve transparency and meet the demands of a growing, younger generation of health, climate, and animal welfare conscious consumers. The company’s ‘CodSwap’ app allows users to trace their cod from catch or harvest, through processing and transport before arriving at the destination of a fish handler.

Moving Ahead

The global blue economy that covers all activities making use of marine resources is set to grow at a double margin of the mainstream industry. Studies conclude World food fish consumption in 2030 is projected to be 20 percent higher than in 2016 with most demand coming from Asia and North America.

However, in a world with finite resources, ensuring a sustainable utilisation of the available resources marks a great importance. With massive technology deployment on the line, the seafood industry is setting the best food forward to the future.