Q1 BioMar: Solid start to the year
BioMar continues the strong growth in the salmon markets with an important increase in volumes sold compared to Q1 2020 in most markets. At the same time the shrimp feed business showed robust results due to new product offerings and service solutions within high performing and sustainable shrimp feed.
BioMar concluded 2020 with a solid growth across the business, despite the impact of the pandemic and a lethal storm in the Mediterranean area. 2021 continues the positive trend. However, the first quarter was impacted by lower sales in Chile and foreign exchange developments. Chile volumes were lower than last year due to a coincidence of factors: Lower biomass, a change in customer contracts and changing feeding plans due to the pandemic as well as the emerging algae bloom.
“We are in a very good position in Norway, UK and Australia, collaborating closely with our customers striving to be the preferred feed supplier. I believe they experience the change which has happened in BioMar over the last years in terms of new novel ingredients, new product solutions and high-performing teams. Now we just need to pass the bump on the road in Chile”, explains Carlos Diaz, CEO BioMar Group.
In the LATAM division, BioMar continues the positive development within shrimp feed after being impacted by the tough market conditions during 2020:
“Since the beginning of the pandemic, the shrimp industry in Ecuador has been suffering, both in terms of the actual pandemic and the Chinese import restrictions. However, BioMar has managed to get reasonably well through the first waves of the pandemic. We have been working full steam introducing new products and technical services to the market, including products from our new extruded line. Now, we see our effort paying off in terms of increased volumes and revenue compared to Q1 2020”, continues Carlos Diaz.
In the remaining parts of BioMar, volumes and revenue were comparable to the levels in 2020.