Challenges in the 2024 Giant Squid Fishing Season in Peru and Chile

The 2024 fishing season for Giant squid in Peru and Chile has started poorly, with catches significantly lower than in previous years due to climate changes. In Peru, captures of the Gigas squid are down by 60 to 70% compared to projections, leading to increased raw material prices. This rise in prices is putting pressure on export prices. In the 2023 season, Gigas squid fillets price in May-23 stood at USD 1,900 to 2,100/mt CFR main ports, but current quotations are around USD 3,000/mt at main ports. Similarly, Chile is experiencing similar volume issues with Jibias, and prices are quoted at USD 2,100 to 2,300/mt.