US-based processor Lotus Seafood is targeting strong growth this year, after tough market conditions and stubbornly high inventories derailed its sales expansion plans in 2023.
The frozen seafood and sushi specialist was aiming to double its annual sales to $200 million (€185 million) by 2024 after moving into a new plant near San Diego, California.
Instead, it failed to achieve its $100 million (€92) revenue target in 2023 amid high inventories, low prices and reduced consumer spending, leading it to cut back on purchasing.
