KEOHANE Seafoods and Bantry Bay Premium Seafoods were among sector leaders chosen to take part in a programme aimed at accelerating growth in the industry through customer-focused innovation.

The new scheme is designed to equip businesses with the tools and capabilities to embed innovation at the core of their business models and is being run by Bord Iascaigh Mhara (BIM), supported by the Government of Ireland and the EU.

Opening the programme, Minister of State at the Department of Agriculture, Food and the Marine, Timmy Dooley TD,  gave participating companies a stark reminder that innovation has moved from being a discretionary investment to a commercial imperative.

‘Changing consumer preferences, retail dynamics and sustainability expectations are reshaping market opportunities,’ he said.

‘In today’s market place, innovation is no longer a ‘nice to have’ – it’s essential for survival and differentiation.’

Ireland’s seafood industry faces intensifying challenges caused by volatile trading conditions including rising costs and inflation and reduced supply, leaving limited scope for price-led growth.

Richard Donnelly, interim CEO at BIM said the programme aims to prompt a broader shift in mindset, encouraging companies to place innovation at the centre of their business models.

‘The only way seafood businesses can help defend their margins and unlock new revenue streams is by putting structured innovation frameworks in place,’ he said.

‘Only by doing this, can sustained growth take place.’

Keohane Seafoods, Atlanfish, Bantry Bay Premium Seafoods, Oceanpath, The Garvin Seafoods Company, Achill Oysters and Atlantis Seafoods were selected to take part in this year’s programme.