Image: Fish World / FIS
Prices for canned Atlantic sardines have increased by more than 25%
Tuesday, February 13, 2024, 07:00 (GMT + 9)
Project manager of the Russian Fish World company Igor Popov announced an increase in prices for canned Atlantic sardines by more than 25% from June 2023. The situation on the market will not change in the near future, the expert believes, and the Atlantic sardine will lose to the Iwasi sardine.
Source: Stockfile FIS / FAO
“Changes in the exchange rate, as well as the impossibility of payment and various types of commissions that arise, which do not allow organizing the supply of fish from the fishery due to high costs, have made prices for canned Atlantic sardines completely unattractive for the consumer. The price increase since June 2023 has been more than 25%,” the expert said.
Source: Fish World -->
This had a negative impact on sales, the expert explained, and reduced the demand for this type of canned fish. Now the Atlantic sardine no longer competes in price with the Iwashi, the Pacific sardine, as it did just a few years ago. At the same time, price reductions and sales growth are not expected in the foreseeable future.
According to the All-Russian Association of Fisheries, in 2023, Russian fishermen almost doubled the catch of iwasi sardines compared to 2022 - it amounted to about 544 thousand tons, becoming the highest in the entire post-Soviet period.
Russian producers of canned fish may be prohibited from producing sprats according to their own specifications and required to comply with GOST.
Fishmeal prices will stabilize in 2024
The end of the anchovy season brought a good catch, which means that fishmeal prices will adjust in a positive direction. However, prices are expected to remain above historical levels.
Source: Stockfile FIS
In 2023, agricultural feed producers are facing severe shortages of fishmeal and fish oil. Difficulties in supply persisted for the first six months of last year and led to a serious increase in prices. However, the anchovy fishing season in Peru, which ended in January 2024, was so successful that prices should adjust in a direction that is pleasing to buyers, according to a report seen by sfera.fm.
<-- Source: Stockfile FIS
Thus, in this anchovy fishing season, which lasted from November 2023 to January 2024, the anchovy quota was fulfilled by 75%. The quota of 1.682 million tons is considered good, but below average - however, this is already higher than last year, and the impact of catch volumes on market dynamics can already be observed.
As supply increases, fishmeal prices are expected to gradually decline, although prices may remain above historical levels in 2024. In addition, the market will balance the ratio of fishmeal and soybean meal as a vegetable analogue of fishmeal, after the decline in prices for meal last year.
The aquaculture feed market is expected to grow 1.5 times by 2027. At the same time, demand will also increase for the most important components for feed production: fish meal and fat.
Author: Arseniy Protasov | sfera.fm (Translated from the original in Russian)