Groundfish remains the most aggressively inflated category in the market today. Cod, pollock, and hake prices have climbed sharply across Europe due to low inventories and weak fishing performance in Norway. Frozen cod prices in Italy increased by roughly one euro per kilogram within a month, while Pacific hake also saw unusually rapid gains. Buyers continue competing for limited whitefish supply, especially as demand from retail and foodservice remains strong. At the same time, warmer weather in Southern Europe is reducing demand for traditional cured products like clipfish and stockfish, pushing more focus toward fresh and frozen fillets. The broader concern for buyers is that there are still few signs of relief heading into summer.



Salmon markets also remain firm. Norwegian exports posted another strong month, supported by surging Asian demand despite ongoing logistics disruptions tied to the conflict in the Near East. China continues to lead growth, with imports of Norwegian fresh whole salmon up more than 60 percent year-over-year. Thailand, Korea, and Taiwan also showed strong increases. Although shipments into parts of the Middle East softened temporarily due to freight complications, the overall salmon market continues to absorb higher prices remarkably well. Fresh Atlantic salmon prices in Norway moved steadily upward throughout March and April, and European wholesale markets remain elevated. For buyers, salmon remains expensive, but demand resilience suggests pricing is likely to stay supported through Q2.

In pelagics, the story is mixed. Herring markets have improved significantly on the supply side thanks to strong Norwegian winter fisheries and increased quotas. Norwegian herring exports rose sharply in both volume and value, with Egypt, Morocco, and Nigeria remaining key destinations for whole frozen product. Mackerel, however, tells a different story. Norwegian landings for the 2025/26 season were down more than 40 percent compared to the previous year, leaving supply tight despite some recent softening in pricing. Buyers continue to monitor availability closely, particularly for larger sizes.

Tuna markets have become increasingly volatile due to rising fuel costs. Skipjack prices in Bangkok climbed to USD 2,000 per metric ton for the first time since 2023, while prices in Seychelles and West Africa also jumped sharply. Strong canned tuna demand is helping support the market, as consumers continue favoring shelf-stable proteins during periods of economic uncertainty. Processors and canneries remain active buyers, which is keeping raw material markets tight globally.

In crustaceans, shrimp markets remain elevated worldwide. Argentine red shrimp pricing continues to strengthen amid uncertainty surrounding the season opening and limited European inventories. Indonesian shrimp prices also remain firm due to high fuel, packaging, and processing costs. Meanwhile, snow crab, lobster, and premium shellfish categories continue trading at historically high levels, supported by limited supply and strong foodservice demand.

Pangasius continues to strengthen its position in the European market as buyers seek lower-cost alternatives to high-priced groundfish species such as cod and hake. Tight whitefish supply, combined with ongoing economic pressure across Europe, is driving increased demand for value-oriented seafood options. Consumption trends are also evolving in key markets like Italy and France, where consumers are moving away from whole fish and increasingly toward fillets and ready-to-eat meal solutions. This shift is creating additional opportunities for pangasius, particularly in retail and foodservice channels looking for stable, affordable whitefish options.



Cephalopods continue to experience strong upward pressure, especially octopus. Reduced catches from Africa and tight global inventories pushed prices significantly higher during April. In some markets, octopus prices rose more than USD 2 per kilogram within a single month. Moroccan and Mauritanian supply remains critical for Europe, but availability is limited and buyers are competing aggressively for product. Squid markets are also firm, particularly for larger premium sizes.

Overall, the European seafood market enters May with inflation still deeply embedded across most categories. Our recommendation is that buyers look at covering positions earlier than usual, stay flexible on alternative species where possible, and keep a close eye on freight and logistics costs as market conditions remain unpredictable. Expect pricing to stay firm through the summer, especially on whitefish, cephalopods, and premium shellfish where supply remains tight.

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