What is the product/service about?
The main aim of this VAP project is to support LSAqua in the market uptake of their shrimp feed products in the third-largest shrimp aquaculture producer in the world, Indonesia, with a global market share of 12%. The innovative approach of our company, has several benefits not only for the farmers (better performance regarding costs, survival rates and farming efficiency) but also for the environment (less wild-fish captures to produce fishmeal) and the local society (locally sourced diets that imply more local jobs). During the VAP project work plan, we will build a partnership with the strategic subcontractor Nutricell, a well-positioned producer of nutritional products for aquaculture and livestock which commercializes all over the country.
Where did the project idea come from?
LSAqua started with a local project in Belgium where it was developed a 100% vegetarian feed for a sustainable farm – where the water is used to grew tomatoes and the wastes are turned into resources-. After this successful project, we developed a protein sources with the objective of reducing and replacing fishmeal and subsequently, we started to launch our products. We studied the market and we saw new opportunities in Indonesia, so we decided to apply for INNOWIDE in order to enter in this new market.
Why did you select that specific target country?
Indonesia is the third-largest shrimp aquaculture producer in the world, with a global market share of 12%. The country produced between 450.000 and 500.000 tons of shrimp in 2017, and preliminary market research showed that it needs to import a big percentage of shrimp feed to fulfil the local demand.
Who are your partners in the target country?
Nutricell is our Indonesian partner, a private company in the aqua feed industry based in Jakarta, which is assisting with the technical and administrative procedures related to adapt, import and register LSaqua products into Indonesia.
What is your long term vision for your company working in your chosen partner country?
Our vision is to build a long-lasting relation with the partner country
What impact do you believe INNOWWIDE will have on your company?
First of all, the project has brought us the opportunity to work with Nutricell with who we had developed a product and soon we will start registering it to further distribute into the market. Therefore, INNOWIDE had accelerated the penetration process into Indonesian market, and may even facilitate the introduction of new product lines beyond the shrimp feed.
Can you offer any advice or guidance to others looking to apply for INNOWWIDE grants?
We had the support from Sustainable Innovations throughout the whole project preparation and execution. Their expertise in innovation, and particularly in INNOWWIDE, was fundamental to achieve the aims we had in mind. They provided a close support organizing biweekly meetings to update the project evolution between the participant partners, so we encourage any participant to contact them. Besides, we would like to suggest to deeply analyze in which market the company could add the higher value, and to look for a local partner aligned with your mission and activities.