Increasing protein prices buoyed by exceeding demand for specific species in export markets reflected positively on Clearwater Seafoods Ltd.'s second-quarter earnings despite lower sales volumes.
"By far it's the strength of the protein seafood market ," said a Clearwater spokesperson, referring to the Nova Scotia-based company's 2.9-per-sales growth from last year.
Demand for Clearwater's protein-rich seafood has been growing steadily. Scallops helped net Clearwater $163-million in sales, coldwater shrimps provided $93-million, and lobster brought in $78-million to round out the top three, according to its 2014 annual report. Additional factors include better export conditions from the lower loonie, higher sales prices in home currencies and demand outpacing supply, all this despite lower sales volumes due to poor weather conditions that delayed harvesting.
Inflating those numbers is increasing global demand. Europe leads Clearwater's export market, followed by Asia and then North America on a year-to-date basis. More seafood is being shipped to China whose consumption of Clearwater's products has increased by $7-million (32.8 per cent) on a year-to-date basis.
"China has grown to be a very important market for us," the Clearwater spokesperson said.