Tridge summary
Tuna raw material prices have fallen for four months, but this may not lead to immediate global demand growth. The FAO report indicates that demand for canned tuna may not improve until the end of 2024. In addition, factors such as high inflation, increased living costs, and reduced consumer disposable income have led to a weak non-canned tuna market, with declining demand in major markets like Japan, the United States, and the European Union.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Tuna (bonito) raw material prices have fallen for four consecutive months, but may not be able to drive global demand growth in the short term. In December, the price in Bangkok, Thailand, fell to $1,500/ton, and the price in Manta, Ecuador fell to $1,600-1,650/ton. A latest report from the Food and Agriculture Organization of the United Nations (FAO) pointed out that the reduction in raw material prices may benefit global end products and consumers. A significant improvement in demand for canned tuna may not be reflected until the end of 2024. The report stated that the FAD (fishing aggregation device) fishing moratorium ended in the western and central Pacific at the end of September, and production increased; the situation in the eastern Pacific was similar, with 60% of fishing vessels not choosing to go fishing during the second fishing moratorium (November 9). Since September, supply and demand patterns in tuna fishing areas have changed, especially in the Pacific ...
Source: Foodmate
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