Decline in European Fish Prices After Highs in the Market

In recent news from SeafoodMedia on February 1, the European fish market experienced a slowdown in January 2024 following the peak season during Christmas. This period is typically characterized as the low season for fish consumption. As a result of the reduced market demand, prices of fish products have retreated from their high levels in December 2023.

After the Christmas peak, the European fish market encountered a period of stagnation in January 2024, which is a customary occurrence during the low season. The decelerated market demand has led to a decline in prices of fish products from their peak in December 2023.

The recent tense developments in the Red Sea are likely to have a significant impact on the global fish trade. In November, the Eurozone's inflation rate rose from 2.9% in October to 2.4% in November, reaching 3.4% in December.

Approximately 61% of seafood prices in the European market are considered stable, with 23% experiencing an increase and 16% witnessing a decrease in prices.

In 2023, Norway's seafood exports amounted to 172 billion Norwegian kroner, equivalent to supplying 39 million servings of seafood daily throughout the year. This marked the highest value of Norwegian seafood exports to date, representing a growth of 20.7 billion Norwegian kroner or a 14% increase compared to 2022.

Seafood has become Norway's second-largest export product, trailing behind only oil and gas. It remains one of the most popular globally traded commodities.

The demand for Norwegian cod in the French market is strong, although the delivery speed is slow. Wholesale prices for Norwegian cod increased by 0.5 euros per kilogram between December 2023 and January 2024.

Yemeni fish (such as sea bream and grouper) experiences average demand in the European and Asian markets, while enjoying favorable conditions in the African market, with prices generally at higher levels.

During the period from December 2023 to January 2024, the price of dogfish decreased by approximately 0.6 euros per kilogram.

It is anticipated that cod supply will significantly decrease this year, with only Alaska cod potentially experiencing a slight increase in supply. The majority of cod pricesare expected to rise further, while Alaska cod prices are projected to weaken.

Following the Christmas peak, the European fish market experienced a slowdown in January 2024, which is typical for the low season. Due to reduced market demand, fish prices have retreated from their highs in December 2023. The recent developments in the Red Sea and Norway's robust seafood exports have contributed to the fluctuating prices in the European market. Moving forward, cod supply is expected to decrease, leading to potential price increases, while Alaska cod prices may weaken.