Established in 1984, GLOBEFISH is a multi-donor funded project within the FAO Fisheries Division responsible for providing up-to-date trade and market

FAO Globefish European Prices Report

EUROPEAN UNION
Thursday, February 01, 2024, 07:10 (GMT + 9)

After the Christmas rush, the European fish market came to a standstill in January 2024, which is a normal feature for this time of the year. Demand is slow, and prices have declined from the high levels reached in December 2023.

The recent tense developments in the Red Sea are likely to have a strong impact on fish trade in the world market; significant increases in price levels are expected, after the normalization that had characterized the second half of last year.

In December 2023, the inflation rate in the Euro area, which had been decreasing since the mid of 2023, increased to 3.4 percent from 2.4 percent in November and 2.9 percent in October. In this European Fish Price Report, 61 percent of the prices are perceived as stable compared with December 2023, with some rises noted for 23 percent of seafood products and declines for 16 percent. It was the first time in one year that more prices were raising than going down, which showed that inflation is up also for seafood products.

The export value of Norwegian seafood reached an all-time high in 2023, worth NOK 172 billion. This equates to 39 million seafood meals being served every day, throughout the year. In fact, 2023 was the best value year ever for Norwegian seafood exports, recording a rise of NK 20.7 billion (+14 percent) over 2022. Seafood is still one of Norway's most sought-after global trade goods and has firmly established itself as the country's second-largest export product, behind oil and gas.

Groundfish

There is a shortage of cod products from both the Gadus macrocephalus and Gadus morhua species. The previously anticipated cold temperatures in southern Europe are being materialised and consumption of cured cod has increased. This good demand, combined with the low fishing at the moment, is expected to lead to higher prices for cured cod in the European market. In contrast, ling, which is an accepted alternative to cod in the preparation of cured cod-type products, is being sold at EUR 0.50 per kg lower prices.

The French market also reports strong demand for cod, while arrivals are slow. The wholesale price in Paris increased by EUR 0.50 per kg between December 2023 and January 2024.

Demand in the European and Asian markets for Yemeni demersal fishery products (snapper, grouper) is reportedly average, while a good market situation is reported in the African markets. Supplies of products are fair, with prices at generally high levels. The ongoing tension in the Red Sea is causing delays in shipments.

Hake prices continue to decline. In the Italian market, some EUR 0.60 per kg price discounts were reported between December 2023 and January 2024. This continues a trend which started in mid-2023.

Supplies of cod is anticipated to be significantly reduced in 2024, while Alaska pollock supplies will likely increase slightly. This will cause cod prices to rise even further, while Alaska pollock prices are expected to soften.

Surimi production is forecast to go up, and producers in Asia are worried about price developments.[...]

For the rest of the species: Flatfish-Tuna-Small Pelagics-Cephalopods-Crustaceans-Bivalves-Salmon-Trout-Freshwater fish-Non-Traditional-Species-Seabass-Seabream-Meagre, please follow the link here

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