Russia: Octopus market trends and changes in 2024

Octopus Price Decrease According to the Analytical Center of the Fish Union, by the end of summer 2024, the price of octopus imported to Russia from China decreased by 29% compared to the same period in 2023, amounting to 690 rubles per kilogram. This significant price decrease is due to several factors, including an increase in catch volumes and improved supply conditions. Imports and supplies Total octopus imports to Russia for the period from January to July 2024 amounted to 674 tons, which is 3% less than last year. However, supplies from China increased significantly by 43%, reaching 254 tons. This indicates that Chinese producers were able to increase their supply volumes, which, in turn, contributed to the price decrease. Global octopus catch situation Despite high global demand for octopus, the market is cooling due to good catches, especially in Latin America. In addition, the recent increase in the octopus catch quota in Morocco by 19% to 17.2 thousand tons also puts ...