NEWS 16 FEED & ADDITIVE MAGAZINE November 2022 According to a new report by Rabobank, the value of the global seafood trade grew by $13 billion, reaching a new peak of more than $164 billion in 2021. The value of the global seafood trade reached new heights in 2021. A new Rabobank report expects this strong rebound to endure through 2022, as the world continues to emerge from the Covid-19 pandemic. Major markets like the US and Europe have fully recovered, while China is gradually returning to pre-pandemic import levels. Premium aquaculture has been the decade's winner – in particular, farmed salmon and shrimp. Fish is one of the world's most traded food commodities, with demand expected to increase another 15% in the next decade. The most traded animal protein, seafood has a trade value 3.6 times the size of beef, five times that of pork, and eight times the size of the global poultry trade. In 2021, the value of the global seafood trade grew by $13 billion, reaching a new peak of more than $164 billion. The US is the fastest-growing market for seafood imports, with demand driven by health- and sustainability-conscious consumers, particularly among millennials and baby boomers. China is one of the most important seafood markets, with a growing middle class interested in premium products. Wild catch and aquaculture production do not satisfy local demand, leaving China increasingly reliant on imports, especially for premium species like shrimp, crab, and salmon. Farmed salmon was one of the winning proteins of the decade, supported by growing demand for healthy and convenient protein, especially in Europe and the US. Shrimp is the most traded seafood species, with short production cycles that allow exporters to respond quickly to demand changes. According to Rabobank, the shrimp trade is at an inflection point. Demand and prices have come down while costs (feed, freight, energy) are still high, impacting farmer profitability. RaboResearch: Global seafood trade sees record growth, with premium aquaculture in the lead Zoetis Inc. announced it has completed the acquisition of Jurox, a privately held animal health company that develops, manufactures and markets a wide range of veterinary medicines for treating livestock and companion animals. Jurox’s operations are based in Australia, with additional regional offices in New Zealand, the U.S., Canada and the UK. Financial terms of the transaction, which was announced in August 2021, were not disclosed. The acquisition of Jurox brings Zoetis a range of important products primed for greater global expansion; a valuable animal health portfolio, including Alfaxan®, a leading anaesthetic product for companion animals; and high-quality local R&D and manufacturing operations in Australia, Zoetis’ fourth largest market based on revenue in 2021. Jurox develops and manufactures more than 150 products in areas such as parasiticides, anti-infectives, anaesthesia, cardiology and reproduction for animals. “We are grateful to the O’Brien family for entrusting the future of this family-owned business to Zoetis,” said Zoetis CEO Kristin Peck. “Jurox’s portfolio plays to the strengths of our core business and will be a complementary fit with the solutions we deliver to veterinary professionals, livestock producers and pet owners around the world,” added Peck. Zoetis completes acquisition of Jurox
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