Country progress report

• 
  During the 2014 – 15 periods, the SEU region returned to low but positive growth in GDP and in household consumption after years of recession. Retail and HRI customers of Alaska seafood in the SEU region generally experienced better sales and profitability than they have for many years.
  

Rising dollar

• 
  The value of the euro declined from $1.36 at the beginning of July 2014 to $1.11 at the end of June 2015, making US exports 20% more expensive.
  

Recuperation of cod prices

• 
  After multiple years of large Atlantic cod harvests and weak prices, lower 2015 Total Allowable Catches for Barents Sea and North Atlantic cod along with trade tensions with Russia began pushing Atlantic cod prices higher in the second half of 2014 and continued in the first half of 2015 (Data source 1).
  

1. 
   Southern Europe Market Assessment Update
   

Country Focus: SPAIN - Population 46.77 million (2014)

• 
  a jump from 8,400 MT to 10,500 MT of Pacific hake surimi and mince imports
  
• 
  an increase from 5,061 MT to 5,289 MT of Alaska pollock surimi imports
  

The Spanish market for salmon is growing, maturing and diversifying which creates opportunities for wild Alaska salmon.

• 
  Fresh, whole and filleted farmed salmon from Norway continues to hold the largest part of the market, with record sales to Spain during the last year.
  

• 
  Imports of whole, frozen Atlantic salmon (from Chile and Norway) and Pacific keta and pink salmon (from Alaska and China) declined last year due to higher US prices and abundant and relatively cheap fresh farmed salmon from Norway.
  
• 
  Sales of frozen salmon fillets from China keep increasing thanks to the strong demand for low-priced salmon products.
  
• 
  Retail sales of pre-portioned fresh salmon and salmon-based sushi, carpaccio, brochettes, etc. have also grown in response to consumer demand for time-saving food products.
  
• 
  Consumption of smoked salmon continues to increase (by 6.2 % in 2014 according to the Spanish Ministry of Agriculture) and diversify. Smoked farmed salmon is being sold in a growing number of formats (loins, slices, cubes, tartars, makis, etc.). Smoked wild salmon is gaining distribution. Four Spanish smokers are now producing smoked wild Alaska salmon.
  

The size and growth of the salmon market in Spain combined with Spaniards’ appreciation for good seafood creates significant opportunities for wild Alaska salmon. Restaurants have lead the way in Spain where growing numbers of chefs have replaced farmed salmon, a supermarket staple, with superior and more exclusive wild Alaska salmon. And while farmed salmon retailers attempt to maintain consumers and margins with pre-portioned and prepared products, there is a growing number fish shops, natural food stores, cash & carries and supermarkets selling fresh, refreshed, smoked and frozen wild Alaska salmon to “early adaptor” customers that are looking for the superior flavor and health attributes of wild, natural salmon, as well as the guarantee of sustainability Alaska origin conveys.