In 2014, the Total Allowable Catch (TAC) quota of CWP dropped substantially and has been reduced by a further 14% for 2015; however, Royal Greenland has adapted its business to continue growth.
The company has increased the number of factories in two years to a total of 40 and focused on other species, such as Greenland halibut and cod. 52,939 tonnes was purchased for Royal Greenland’s factories in Greenland in 2013-14, a rise of 13% over the year before.
Randall Jennings, managing director for Royal Greenland in the UK said: “Cooked and peeled cold water prawns are no longer a commodity product and should be treated as a luxury item, much like they have been in the past.
“Not so long ago, we were only able to catch 60,000 tonnes and prices were reflective of the more limited availability. The UK represents the biggest market for CWP, but we should expect to see fewer cold water prawn dishes and products on menus and shelves as the year progresses.”
Royal Greenland’s annual report states that in the financial year 2013- 2014, Europe remained the business’s most important market, with c. £427m net turnover achieved.