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W2: Weekly Seafood Update

Updated Jan 17, 2023
Tridge's global market analysts and country representatives take a deep dive into what happened during W2 in the global seafood landscape. In summary, US frozen crab imports declined 24% YoY in Jan-Nov 2022 due to the sanctions on Russia-origin imports, breaking a streak of 3 years of annual growth. Global salmon production is predicted to increase by about 4% in 2023 and 2024, approaching 3M MT in 2023 and then exceeding that figure in 2024. In Chile, in 2022, 751K MT of salmon and trout were exported, valued at USD 6,605M, an increase of 3.8% in volume and 27.3% in value. Russian fish consumption may decrease 5-7% per person per year due to economic difficulties. Global shrimp production in 2023 is expected to reach a record 6M MT. Lastly, in Falkland Island, Loligo squid license prices are expected to rise 12% for the coming season beginning 26 January.


US TA: Frozen Crab Imports Declined 24% In Jan-Nov 2022 as Sanctions to Russia Hit (Jan 9)

US imports of frozen crab fell 24% YoY in Jan-Nov 2022, breaking a streak of 3 years of annual growth. The bulk of the decline came from Russian-origin imports, which were affected by trade sanctions following the Russia-Ukraine conflict. Despite a lower supply, prices have fallen considerably, which signals demand has also weakened. (Continue Reading)


Nicaragua: The Lobster Fishery Is Being Assessed by the MSC (Jan 12)

The main problem faced by Nicaragua in its attempt to obtain MSC certification is the presence of illegal, unreported and unregulated (IUU) fishing, which weakens resource management and prevents equal access to the resource for the thousands of Nicaraguans who make a living from fishing. Typically, the country exports 2K MT of lobster worth USD 40M (€37M). Other challenges facing fisheries covered by FIP include a lack of new or improved data from the artisanal fisheries sector, which reduces information on stock status, by-catch and impact of lobster traps on their habitat. Another uncertainty jeopardizing the certification of the MSC fishery is that the lobster fishery in Nicaragua is jointly operated with Honduras, and the assessment must take into account the activities of both countries in order to achieve unconditional passage under the MSC standard.


Global: Salmon Production Returns to Normal in 2023 (Jan 12)

Sharma predicted that global salmon production will increase by about 4% in 2023 and 2024, approaching 3M MT in 2023 and then exceeding that figure in 2024. The combined supply growth of Norway and Chile between 2022 and 2024 is expected to slow to 3.1%, compared to the 7% compound annual growth rate (CAGR) of the previous decade. Lower growth expectations for Norway and Chile create an opportunity for Iceland and the Faroe Islands to become bigger global supply drivers this decade, Sharma said. Salmon production in the Faroe Islands increased by 31% in 2021, but catches fell by 4% in 2022 and are likely to fall another 1% in 2023. Atlantic salmon production in Iceland grew by 44% in 2021, making the country the fastest growing producer in percentage terms. Rabobank forecasts Iceland's Atlantic salmon harvest will grow by 7.8% in 2022 and another 6.2% in 2023, totaling 51K MT of Atlantic salmon. 

Russia: They Found a Way to Avoid Shortage of Salmon (Jan 10)

After the cessation of deliveries of imported salmon to Russia from the Faroe Islands and from Norway, the import of red fish from Iran and Turkey increased. In addition, the Russian Federation has increased its own production of salmon. This was announced by the head of Rosselkhoznadzor Sergei Dankvert. The head of the department noted that in 2022, the supply of salmon from Turkey and Iran increased. In addition, salmon is traditionally supplied in large volumes from Chile, more than 33K MT/year. In addition to the fact that Russia imports these products, the country's own production of salmon species is also growing. According to the Federal Agency for Fishery, salmon came out on top in the Russian Federation in terms of production of aquaculture fish. For the three quarters of 2022, 118K MT of salmon species were grown. 

Russia: Salmon Consumption May Decrease (Jan 12)

In the coming years, against the backdrop of economic difficulties, fish consumption in Russia may decrease by 5-7% per person per year, and the share of salmon in the demand structure is likely to decrease. This is stated in the study of the National Rating Agency (NRA). In 2021, according to Rosstat, fish consumption decreased by 2%, to 21.7 kg per person per year. The decrease in demand for red fish in the NRA is associated with rising prices.

Chile: A Lower Volume of Salmon Production Was Forecasted for January and February Due to Summer (Jan 10)

In Chile, January and February are summer months. Due to this, in W1, salmon companies have started to schedule workers' vacations at processing plants, generating a lower volume of production which will be reserved for existing customers. A lower offer of products is forecasted especially for added-value products such as fillets and portions.

Chile: Price Increase of Fresh Atlantic Salmon Fillets in the US Market During W2 (Jan 12)

In the United States market, the price of fresh Trim D Atlantic salmon fillets from Chile increased by USD 0.10/lb at the beginning of W2, compared with the end of W1 with an increase of 1.7%. Prices ranged at USD 6.10-6.30/lb for the 2/3 lbs and USD 6.20-6.40/lb for the 3/4 lbs, all FOB MIA prices. According to the farmer, the market is stable across all sizes. Supplies are adequate to barely adequate amid a moderate to active demand.

Chile: Chilean Salmon Exports Show Record Numbers in 2022 (Jan 13)

In 2022, the Chilean exports of salmon and trout reached record numbers. Between January and December of 2022, 751K tons of salmon and trout were exported, valued at USD 6,605M, while, in the same period in 2021, 723K tons were shipped for USD 5,198M. An increase of 27.3% in returns and 3.8% in volume.

US: Price of Fresh Chilean Atlantic Salmon Fillets in the USA Market During W1 and W2 (Jan 9)

The new 2023 year began without price variations of fresh salmon filets for the North American market. Chilean salmon-farmed producers report that the shipping prices for W1 and W2 will remain at the same levels as W52 2022. Pricing remains at USD 6-6.20/lb for 2/3 lbs and USD 6.10-6.30/lb for 3/4 lbs, all FOB MIA prices.

UK: Scottish Farmers Determined to Help Save Wild Salmon (Jan 10)

Scottish salmon farmers are determined to help save wild salmon. Tavish Scott, chief executive of Salmon Scotland, says Scottish salmon farmers are determined to play their part in taking action to save wild salmon. The wild salmon is one of Scotland’s most iconic species, earning its place alongside the red deer, the golden eagle, and the Scottish wildcat. But, like so many other animals, its numbers have been in decline for decades. The population of wild salmon is diminishing on the west coast of Scotland, and even faster on the east coast. Reasons for the fall are many and varied, but a key cause is habitat loss and rising river temperatures, due to climate change. Therefore, the Scottish salmon sector has already funded projects to save and restore a historic dam in the Western Isles that assists wild salmon to progress to their spawning grounds, as well as restoration projects across Scotland that will reduce riverbank erosion and provide tree canopy and in-stream cover for young salmon.

Japan: Higher Catch of Hairtail & Crimson Sea Bream in Sanriku (Jan 11)

In Miyagi Prefecture, the catch of fish species such as Pacific saury, salmon, and trout, which have been the main catches, has been low. Fish produced in western Japan is increasing, especially Hairtail and Crimson sea bream. Local markets and processors are stepping up their efforts to use these fish species as new products. The number of fish species that were previously rarely caught in nets has increased in the Sanriku region. The catch of all fish, which has supported the local economy so far, is not good.

Turkey: Turkish Salmon From Gaziantep to the World (Jan 11)

Trout farming, which started with 750MT/year in Karkamış Dam Lake, located between Nizip and Karkamış districts of Gaziantep, developed by growing 9 times in 5 years. At the end of 2022, a total of 10M fry were raised in 21 trout farming facilities with a total annual production capacity of 9.29MT. The basin, which allows the production of table trout in two seasons and Turkish salmon throughout the year, as the water temperature is 14-19 degrees on average throughout the year, offers a great advantage for the producers in the region. 

Turkey: Exported 65% Of Its Aquaculture Products to EU Countries in 2022 (Jan 12)

Despite the effects of the COVID-19 pandemic, Turkish aquaculture production continued to grow in 2022. Production of sea bream, sea bass, trout, and Turkish salmon increased significantly, reaching 515,000MT by the end of 2022. Turkish salmon, which started production in recent years, rapidly increased its production by 50% YoY, reaching 60,000MT in 2022. Turkey has a 25% share in the European aquaculture import market, and 65% of total Turkish aquaculture exports are made to EU countries.


Global: 2023 Set to Be Record Year for World Shrimp Production (Jan 12)

A report compiled by Rabobank Seafood and Aquaculture predicts that global shrimp production could reach 6M MT in 2023. Ecuador's shrimp production is expected to grow by 18-30% in 2023. In 2022, Ecuador produced about 1.35M MT of shrimp, the largest annual increase in volume, with an increase of 300K MT. Asia, the largest shrimp producing region, is expected to see its first decline since 2013 in 2022, albeit by only 0.1%. However, this decline will be temporary, and production in the region will recover in 2023 due to increased production in China and India, as well as a slight increase in production in Vietnam. Combined, this should push Asian production to over 4M MT in 2023. Total global shrimp supply increased by 4.2% in 2022, Sharma said, and Rabobank remains positive for 2023, with supply growth in Ecuador accompanied by a "strong" recovery in China's production of 9.5%. 


Falkland Island: Loligo Squid Licenses Prices Climb 12% For the Coming Season Beginning 26 February (Jan 11)

As the vessels catching Loligo squid leave Spain for the Falkland Islands, a leading newspaper from Vigo, closely linked to the Galician fishing industry lobby, El Faro de Vigo, praises the management of the Falklands fisheries, and catch results, but also complains about the cost of licenses, particularly since Falklands' Loligo entering the European Union is subject to tariffs. The Loligo squid fishery in Falkland Islands waters is considered to be one of the best examples of fisheries management in the world, in which the government and the fleet vessels collaborate. For years, the resource has been stable, rarely offering less than 40K MT caught in two annual campaigns. 

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