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3-Minute Market Insight

EP 593 | AIRED 06/13/2022

The Europe Report: Prices, Cod, Tuna, Salmon, Octopus, Crab

June 13th, 2022 - This week we provide a European Price Report for Cod, Tuna, Salmon, and Octopus and Crustaceans as energy costs continue to be a main point of cause for inflation across European Markets.

According to the National Institute of Statistics and Economic Studies, in March 2022, consumer prices increased by 4.5 percent year-on-year.

This sharp increase in inflation is again the result of rising energy costs, which in-turn affects purchasing power as overall food consumption in France dropped by 2.5 percent in value, year-on-year in March.

This will have a negative trickle-down effect on the foodservice sector across EU markets as higher food prices will ultimately be passed on to menu items.

Fish prices that had spiked during Easter came down somewhat in May but still remain quite ahead of last year's price levels.

The Europe Report: Prices, Cod, Tuna, Salmon, Octopus, Crab

Atlantic Cod supply is expected to decline this year, and as such, prices have been going up, and according to the FAO, they are anticipating prices to increase even further.

Cured Cod prices are stable at high levels right now, however this time of year is typically a period of high consumption for these types of products (such as Bacalao).

For Tuna overall, Skipjack fishing efforts globally have increased, resulting in an overall improvement in supply and prices for Skipjack in Europe to fall whereas prices for Yellowfin continue to increase. (Skipjack is typically used in the canned market, and Yellowfin typically for sashimi and other raw programs such as Poke).


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Octopus is currently in extremely low supply in the EU and prices continue to be on the rise just as they have since the beginning of the year.

While the South African Squid season does not reopen until July 1st (and there is virtually zero supply), traders are afraid these high prices will put Octopus out of reach of the average European consumer.

For Crustaceans, Argentine Red Shrimp harvest are being reported as good all while frozen inventories levels in Europe are also good, and as demand has been declining slowly since the Easter rush, these conditions may lead to slightly lower pricing.

Crab and lobster sales have been boosted by the reopening of dine-in foodservice and the removal of vaccination requirements in key EU markets.

For Salmon, prices for Atlantic Salmon in Europe are soaring, reaching levels not seen in some 40 years.

The Europe Report: Prices, Cod, Tuna, Salmon, Octopus, Crab

The Fish Pool Index reached NOK 122.02 per kg during the week of May 1st, compared with NOK 65.83 per kg during the same week last year.

Key factors attributing to these price levels are booming demand driven by the post-pandemic recovery, tight early year supply and spiking input and freight costs.

Norwegian Farmed Salmon supply is also made more scarce by the increased prevalence of winter sores at Norwegian farms, which requires that harvested fish be downgraded in quality.

The Europe Report: Prices, Cod, Tuna, Salmon, Octopus, Crab

Although some decline from current peak prices is expected, global supply growth this year is unlikely to be sufficient to bring prices back down to the levels seen in recent years.

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