Milkfish producer Fisherfarms aims to beat stiff competition in Asia through convenience foods, widening market access
With most of its business driven by bangus (milkfish) products, the company claims to be the largest farmer, processor, and supplier of milkfish and shrimp in the country.
According to the firm’s Senior Export Manager, Mary Grace M. Bingco, a majority of Fisherfarms’ products are being exported. Its key markets are the US, Canada, Australia, and European countries including the UK, Netherlands, and Italy.
“Milkfish is the Philippines’ national fish. Our products are not only for food service partners, but also available via retail channels. For example, we are supplying to Seafood City, the biggest supermarket chain specialising in Filipino products in North America,” she told FoodNavigator-Asia.
Despite its established presence outside of Asia, the company is now looking to gain a stronger foothold in neighbouring markets.
As part of its move to look for more distributors and customers in the region, it recently exhibited at the Seafood Expo Asia trade show in Singapore.
“The market in Asia, especially for seafood, is extremely competitive. For instance, milkfish is priced very affordably in Taiwan and Vietnam, so we really need to put in a lot of efforts to stand out, and tell the world that the Philippines also export seafood like shrimps.
“Nevertheless, we are confident that we have a competitive edge. First of all, we have obtained various accreditations from different certifying bodies so as to be compliant with specific import regulations. In countries like Singapore, China and Australia, the requirements are particularly stringent. Although costly to acquire, these certifications not only back the quality of our products, but also give us greater market access.”
In addition, Bingco said that the firm practises sustainable sea farming, adheres to high sanitation standards, and uses state-of-the-art technology.
Its “fully integrated operations” also mean that traceability from farm to table is easy and convenient, as it is in control of the whole process from growing the fishes and shrimps to processing them and selling the finished products.
“We do not just sell commodities, but we are also constantly brainstorming for and developing products that can be easily cooked and consumed. Our innovations are driven by consumer insights, market demands, and unique product concepts.
“Our mantra is to provide healthy, delicious, and convenient foods with the best quality and at an affordable price. Fish itself has myriad nutritional benefits, and the ingredients that we use in our products are all natural. We don’t use artificial flavourings.”
Fisherfarms is also looking to ride on the burgeoning trend of convenience foods, as it actively expands its line-up of ready-to-cook and ready-to-heat products.
“Especially in places where there are a lot of condo dwellers, small households, and families where both parents are working, ready-to-heat products are increasingly popular. Even if you live alone, it’s very easy — instead of preparing an entire meal on your own, you just need to heat it up.”
No prickly problem
Fisherfarms’ milkfish portfolio comprises deboned whole fish, sausages, nuggets and patties, and marinated fillets.
“Milkfish has a lot of bones, which are removed one by one during the making of our products. From this fish alone, we have been able to create over 100 distinct products.
“These include gourmet fillets in different flavours, namely Asian Curry, Mexican Glaze, Garlic and Herbs, Pepper Steak, and Summer Onions. The marinade sauces are also developed in-house,” Bingco shared.
As for the shrimp range, there is a variety of peeled and deveined Kurin shrimps (raw and cooked), as well as ready-to-cook products such as breaded shrimp and shrimp poppers.
Notably, its Gourmet Milkfish Fillet Variety Pack and Corn and Coconut Breaded Shrimp were selected as finalists for the retail category at Seafood Excellence Asia Awards that was held in conjunction with Seafood Expo Asia.
