Fisher Farms puts ‘bangus’ on dining tables abroad
NOT ENOUGH Filipinos know that Fisher Farms Inc. produces quality bangus-based products that are making waves in various markets abroad, particularly the United States and the Middle East, making it the country’s largest aquaculture processor and exporter of milkfish.
That should come as no surprise considering that more than 60 percent of its products are sent overseas. Another 30 percent end up with institutional clients such as quick service restaurants, hotels and restaurants.
Just 10 percent end up in the hands of retail customers, who stock their freezers and refrigerators with Fisherfarms-branded products that include frankfurters, sausages and the best-selling smoked and marinated bangus.
Fisher Farms CEO Imelda J. Madarang, however, is determined to increase this year the share of retail clients in the market pie, thus the aggressive stance taken by Fisher Farms to increase awareness of Filipinos of the many ways that bangus—which in Fisher Farms’ case come from its own aquaculture cages in Pangasinan—can be prepared and enjoyed.
In 2014, for instance, Fisher Farms sought to stimulate the demand for value-added bangus-based products through heavy sampling in groceries and supermarkets, based on its insight that people will only try something new if they first get to taste it. And Fisher Farms is confident that just one taste of its products will lead to an actual purchase.
“We are really just starting to build the retail distribution,” says Madarang.
Considering the price point of its products, she says, Fisher Farms is present only in markets such as Rustan’s and S&R, which are frequented by consumers with disposable income enough to buy Fisherfarms products.
Fisher Farms seeks to tap into the growing health consciousness among Filipinos, who want non-meat alternatives but want more taste and variety.
During the last holiday season, for example, Fisher Farms came up with its Gourmet Baked Rellenong Bangus, for those who wanted non-meat products for their media noche and noche buena.
The experiment did not disappoint as buyers responded well to the limited-edition product.
“There is still that notion that healthy food is not tasty. With our products, we are saying that healthy can be tasty and convenient,” says Madarang. “That is why we have produced fish products in formats familiar to the young and old, such as hotdogs, nuggets and ready-to-eat meals.”
And while Fisher Farms is building its local network, it is also beefing up its presence overseas, especially as there are competing products coming out of Thailand.
There are also markets that are unfamiliar with milkfish—the Philippines’ national fish—and its taste profile and benefits.
“Milkfish is not really known all over the world, and many buyers are also surprised that we can make sausages out of fish. Our innovations are our advantage. Also, nobody can debone milkfish the way Filipinos do,” explains Madarang.
According to Madarang, deboning milkfish is a skill unique to Filipinos, who have long been enjoying smoked and marinated bangus. The skill of removing the 208 bones of the bangus has become so prized in the market that countries such as Thailand are hiring deboners from the Philippines.
Thai companies know that the trend toward healthier eating will not go away, and the global demand for milkfish, in its many forms, will only increase.
“There is really such potential. It is just a matter of proper and adequate communication,” adds Madarang, whose first order of business upon joining the company in 2012 was to improve plant efficiency and financial housekeeping, with 2014 dedicated to brand-building and increasing distribution outlets here and abroad.
These efforts led to a 40-percent increase in gross revenues in 2013. 2014 figures would have been just as good if not for logistics problems, such as congestion at the ports of Manila.
This year, she says, will be about consolidating gains and help position Fisher Farms as a major player in Asia, especially with the integration of the member-economies of the Association of Southeast Asian Nations into a common economic community starting this year.
It is also looking to expand its product profile from bangus to other aquaculture species, such as shrimp, thus contributing to the expected 30 percent growth in revenues this year.
Fisher Farms, Madarang says, is committed to maximizing its first-mover advantage in the milkfish market, given its relationships with foreign buyers who are already selling Fisherfarms products in their markets, especially in the United States, Canada, the Middle East and Europe.
“Every country has a different profile, and different phytosanitary requirements. While one country allows certain food colors, for example, others don’t. Some countries allow plant-based casings, while others do not. It is really a feat being able to enter those markets considering the work that goes into complying with the high and different standards,” says Madarang, who has a long experience in the export market having built the export business of other food giants such as RFM Corp.
Despite the difficulties, Madarang is confident about the company’s growth prospects because of the numerous possibilities that Fisher Farms can explore and its reputation for quality, with certifications and awards from foreign award-winning bodies.
“Milkfish is God’s gift to the Filipino people. It has the ability to easily absorb flavor and yet it is creamy. It is really very good and can compete with imported seabass,” says Madarang, “In markets abroad, we are starting of course with the Filipino communities, but we are already getting to the mainstream because our fish is good.”
