New Zealand seafood company Sanford says volatility in global markets as a result of COVID-19 is "an ongoing challenge for the foodservice component" of its business.

In a market update Wednesday, the company reported sales revenue for product harvested by the company was down 15 percent in its fiscal third quarter versus the previous year.

"In many of our major markets, seafood is typically consumed out-of-home, and the lockdowns unavoidably impact on restaurants, hotels and any eating occasions where there is a need for social distancing,” said CEO Volker Kuntzsch.