The marine protein-based feed sector is steering toward a future where aquaculture reduces reliance on wild fisheries, a shift observed across the industry and supported by market dynamics rather than a sudden disruption. Even with substantial subsidies for distant-water fleets, high-sea catches have declined in some regions as the sea offers fewer scalable opportunities. A 2020 global assessment from the Food and Agriculture Organization of the United Nations showed a total fish production of 179 million tons, with about 82 million tons coming from capture fisheries, leaving a broad opportunity window for aquaculture to grow its share in the global protein supply. The ongoing transition is influenced by factors such as farmed production economics, farm gate demand, and disease management. Companies like Nueva Pescanova illustrate a broader industry pivot: farming activities are increasingly generating more revenue than traditional wild-catch operations, signaling a structural shift in the value chain.
In its latest fiscal year, the company reported invoicing of 1.087 million, with more than 500 million euros attributed to aquaculture activities. This reflects roughly 47% by product weight from farming origins, surpassing 40.6% from wild fisheries and 11% from processed segments. The leadership team, under Ignacio Gonzalez, has driven two pivotal strategies: sustained investment in Central America and a clear projection of a market that will lean toward stable, farm-derived income rather than highly variable catch-based revenue. Early successes in aquaculture on European soil, including new farming initiatives, contributed to improved prices and process optimization, delivering net results well above expectations in that segment. Nueva Pescanova does not rely on the large Mira facility in Portugal to the same extent as some competitors, yet it maintains its competitive edge without it.
Wild-caught fisheries continue to deliver strong returns for multinational players, contributing significant net gains through well-chosen harvests such as hake, Patagonian shrimp, and squid from Southern Cone regions. These products also bolster related segments, including aquaculture, underscoring the interconnected profitability of diversified seafood operations. On the supply side, mining-like activity along parts of the African coast and across Central America has, at times, produced losses, while certain shrimp products remained highly profitable due to large-scale production and strong demand from markets in North America. Nueva Pescanova has cultivated relationships with major U.S. retailers, expanding its footprint with retailers like Albertsons, Costco, and Aldi. Management remains open to expanding market presence through strategic acquisitions or alliances that align with growth objectives.
New debt and sustainability moves
In a notable step, Nueva Pescanova issued its first sustainability-linked bonds on the MARF market, with a potential issuance of up to 75 million euros. The issue is framed as a commitment to social and environmental responsibility across all activities, including financial operations, and received oversight from Deloitte as a registered consultant. This marks the company’s entrance into a broader class of finance that ties debt terms to performance on sustainability metrics, signaling a broader industry trend toward responsible growth.
Earlier, the company launched its first bond program in the public fixed-income market in 2021, with a potential outstanding balance of up to 50 million euros. The program was designed to diversify financing sources and offer flexible access to investors and professionals, supporting the organization’s strategic agenda while maintaining financial discipline. These moves reflect a strategic blend of sustainable finance and growth financing, positioning Nueva Pescanova within a global seafood sector that increasingly links credit terms to environmental and social performance.