Seafood Media Group - Worldnews - China's Deep-Sea Squid Price Index 2024: Operational Research Report

Welcome

Index Performance

In 2024, China's ocean squid price index demonstrated significant overall growth, with only slight declines in January, May, July, and November. The index reached its highest historical value in December at 246.16 points, marking a 55.3% increase from December 2023. Year-on-year, all months except January showed higher levels than the same period in 2023, with notable growth during the second half of the year.

Photo: Source: Zhoushan National Offshore Fishery

Index Operation Characteristics

Broad Growth Across Regions: Squid price indices for the four major sea areas—Southeast Pacific, Southwest Atlantic, Northwest Pacific, and Indian Ocean—showed significant increases. The Southeast Pacific led with a 100.38% growth over the year, while the Southwest Atlantic experienced more moderate and stable growth (12.33%).
Differentiated Trends: The Southeast Pacific, Indian Ocean, and Northwest Pacific exhibited distinct trends, characterized by a steady rise in the first half of the year, peaking from September to mid-November, followed by stabilization or further growth.

Index Operation Outlook for 2025

Southeast Pacific: Expected to maintain high levels in early 2025, with potential declines in the later stages. Year-on-year growth may narrow as squid resources gradually recover.
Southwest Atlantic: Favorable fishing trends and early season starts in 2025 are likely to sustain steady growth, alleviating the supply constraints observed in 2024.

Comparison of China’s offshore squid price index trends in 2023 and 2024. Click on the image to enlarge

Background Overview
Deep-sea squid fishing is a cornerstone of China’s distant-water fisheries, accounting for approximately one-third of total output. China has consistently dominated the global squid industry, contributing 50–70% of high-seas squid production over recent years. In 2019, the China Distant Water Fisheries Association, in collaboration with Shanghai Ocean University and Zhoushan National Distant Water Fisheries Base, launched the China Ocean Squid Price Index, a benchmark for tracking squid price trends across key sea areas.

Weekly price index trend of squid in the four major sea areas

2024 Market Analysis

Supply Challenges: The El Niño phenomenon caused a sharp decline in squid resources in the Southeast Pacific, impacting global supply. For example, Peruvian squid catch in the first half of 2024 dropped 70% year-on-year to 140,000 tons.
Demand Trends: Pent-up consumer demand post-Spring Festival and holiday-related buying in Q4 contributed to significant price increases, particularly from August to October.
Price Drivers: Supply tightening, geopolitical influences, and rising transportation costs further exacerbated the upward pressure on prices.

Trends in import and export unit prices of squid products in China since 2022

Development Suggestions

Increase Value Addition: Develop high-value products (e.g., canned, dried, or shredded squid) and invest in quality improvements to enhance brand competitiveness globally.
Diversify Markets: Reduce reliance on traditional markets by expanding into emerging regions like Southeast Asia and the Middle East.
Optimize Industry Structure: Promote integration across the squid value chain—from fishing to processing and sales—and provide policy incentives to support sustainable growth.
Enhance Market Monitoring: Implement robust market analysis and early warning systems to track trends and provide actionable insights for businesses.

Source: Zhoushan National Offshore Fishery

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