Latvia-based Riga Gold hoping product quality will open new markets

Riga Gold, a Latvia-based fish canning and canning company, hopes the quality of its various canned fish will give it a head start in Asia.

Riga Gold Senior Export Representative Igors Puzs told SeafoodSource during Seafood Expo Asia – held September 14-16 at the Suntec Singapore Convention and Exhibition Center – that the unique packaging the company is using is part of its business strategy. The packaging is intended to solve a dilemma: How can the quality of a canned product be proven?

“Our company always wanted to be different from others and we always thought that our quality is much different and much higher than that of our competitors,” said Puzs. “That’s why we looked for solutions on how to sell things at high prices. How to show consumers that we are better.”

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Typically, with a canned product, consumers cannot see what they are buying before they buy it. said Puz.

“The closed can with a steel lid – nobody knows what’s inside,” said Puzs.

Riga Gold now produced a canned product with a transparent lid so consumers could see the quality of the products for themselves.

“You can see that the products are of the highest quality,” said Puzs.

Some of its products, like the canned sardines, are already listed at Walmart in the US and grocery chains in Australia, according to Puzs.

However, the company’s search for new markets has been blocked by COVID-19, resulting in the cancellation of in-person events such as Seafood Expo Asia.

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“It’s a challenge for us to find a new client because we couldn’t show and imagine before,” said Puzs.

But now that they’re making a comeback, Riga Gold is hoping its new packaging will help it attract new customers.

Another factor affecting the company’s efforts to break into new markets is the ongoing war between Russia and Ukraine. Before the conflict, Latvia got most of its energy from Russia, but as a result of tightened sanctions, gas the cost is expected to be around 11 times higher and electricity will cost up to 6 times as much. These energy costs and others Supply shortages have forced Riga Gold to adjust its prices, Puzs said.

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“This year we have already increased our prices five times,” said Puzs. “With every new month, a new supplier raises something, and you’re trying to make yourself affordable, but you also understand that you can’t do that indefinitely.”

Cost increases are one of the reasons the company is hoping for a premium on its products, as Puzs said compromising on quality is out of the question.

“We don’t want to degrade or reduce oil with water or produce it with other fish,” he said.

Photo by Chris Chase/SeafoodSource

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