The seafood industry in Nova Scotia is facing challenges such as tariffs and uncertain quota allocations, prompting some businesses to diversify their operations to mitigate risks. Alain d’Entremont, the president of Scotia Harvest Inc., recently acquired a clam and scallop business as part of the company’s strategy to strengthen its position in the market. In addition to their existing haddock, redfish, and scallop operations, the addition of clams will provide a buffer against fluctuations in quotas for other species.
Factors like ocean temperatures, overfishing, and stock movements can impact fishing quotas, making diversification a smart move for companies in the sector. The acquisition includes ownership of Innovative Fishery Products’ clam facility in St. Bernard and a scallop vessel, increasing Scotia Harvest’s fleet for scallop fishing to six vessels, representing approximately 10% of the Bay of Fundy scallop quota.
Although the purchase amount was not disclosed, the deal was finalized on March 20 after nearly four years of negotiations. Kris Vascotto, the executive director of the Nova Scotia Seafood Alliance, highlighted the importance of diversification in light of uncertainties in fish stocks and international markets, particularly due to recent tariffs impacting the industry.
Vascotto emphasized the need for resiliency by exploring alternative markets and customers to mitigate risks associated with trade challenges. By expanding product offerings and customer base, companies like Scotia Harvest are better equipped to navigate market fluctuations and ensure long-term sustainability.