New Zealand King Salmon has exported fish to Australia for a decade but since it started stocking the Sydney Fish Market three months ago its product has really taken off across the Tasman.
The Sydney Fish Market is the second largest market of its kind in the world (only Tokyo's
market is bigger) and when it endorses a product it sells, says New Zealand King Salmon chief executive Grant Rosewarne.
He said the company's salmon was previously undervalued. It was frozen and did not challenge Atlantic salmon, the cheaper version and the easier species to grow.
But since having a "re-think and an attitude change" about the product and its place in the market, King salmon has taken off in Australia where it is favoured by chefs and consumers, Rosewarne said.
New Zealand King Salmon is one of the four providers of King salmon in the world - there are another two in New Zealand and one other provider from its native Canada.
"During March and April we tripled sales to the Sydney Fish Market and we expect them to have quadrupled by the end of May. King salmon has twice the Omega-3 levels of Atlantic salmon and is a superior tasting fish.
"We have been consistent in conveying these messages in international markets and particularly in Australia where King salmon is up against the Atlantic species farmed in Tasmania."
Last month, the Government announced plans to reform the country's aquaculture industry to push New Zealand's production to $1 billion sales by 2025.
New Zealand King Salmon needs 15 more surface hectares - it has five - before it can reach its goal of producing $500 million sales annually.
Most of the exported salmon would go to Australia but the company has hopes of entering into the Chinese market, as well still serving Japan and the US. Europe is not a market the company is considering, mainly because Norway dominates the sector there through its production of Atlantic salmon and exporting to Europe is expensive.
Fisheries and Aquaculture Minister Phil Heatley said the Government wanted to free up regulatory bottlenecks that have kept aquaculture planning in limbo.
He said the industry has been stifled by inflexible rules that had stopped companies from investing in the sector.
Rosewarne said it would be easy for the company to increase its annual sales by five times if it gains the access to the water space it needs.
"There is a strong demand [for King salmon], many times more than we can ever produce and we would certainly be able to become five times bigger," he said.
"Mussel have 6000ha. All we are asking for is a very small amount of water."
One exporter's success story:
* NZ King Salmon produces 7300 tonnes of king salmon each year.
* Exports $50 million, 50 per cent of its stock, to mainly Australia, and Japan and the US each year.
* Makes up $55 per cent of the global king salmon market.
* Accounts for 70 per cent of New Zealand's salmon production.
* Annual turnover, including exports, is $100 million.
* Aims to reach up to $500 million.
* King salmon has a high content of Omega-3.
The Sydney Fish Market is second only to Tokyo's huge market. Photo / Getty Images
New Zealand King Salmon has exported fish to Australia for a decade but since it started stocking the Sydney Fish Market three months ago its product has really taken off across the Tasman.
The Sydney Fish Market is the second largest market of its kind in the world (only Tokyo's
AdvertisementAdvertise with NZME.