New export opportunities for Greek producers.
At the same time that the presence of traditional Greek fish in Singapore is dramatically reduced due to the increase in transportation costs, new opportunities open up for fine Greek dishes such as the roe Messolonghi.
According to a market study conducted by the Singapore Office of Economic and Commercial Affairs, the purchase cost of Greek sea bream may not exceed 2.5 euros per kilo, but the product is charged with transport costs in excess of 9 euros per kilo, resulting in the final product to reach the consumer at a price of more than 25 euros per kilo, in just four retail stores in the area. Respectively, in the few restaurants that have Greek fish, the prices, at which they are offered, range from 55 to 90 euros per kilo, depending on the type of fish and the level of the restaurant. However, with the restoration of air transport to 2019 levels, transport costs are expected to return to pre-pandemic levels, ie 4 euros per kilo, significantly facilitating the penetration of the Greek product in the Singapore market.
It is worth noting that in the Singapore market, the market share of Greek fish is extremely small with sea bream covering 60% of Greek imports, sea bass second (30%), while sea urchins and sea bream cover the remaining 10%. As the Singapore ISD Office points out, Greek exporters should consider targeting Chinese restaurants, seafood restaurants and hotel restaurants, as these are the main users of cold water fish and seafood products. At the same time, the promotion of lesser-known fish species, including carp, should be considered, while the possibility of supplying expensive dishes, such as Messolonghi roe and Greek-made caviar, should be considered, as there is significant consumer interest in fine products regardless of price