Groundfish

Groundfish remains one of the strongest inflationary stories in seafood.

Atlantic cod continues to face structural supply shortages following another poor Norwegian season. Landings remain well below historical averages, inventories are tight, and prices continue to trade at historically elevated levels. We don't expect meaningful price relief during the second half of the year.

Pacific cod is considerably more stable. Raw material prices remain high, but processed markets have largely found equilibrium. Buyers should expect steady pricing rather than major increases.

Haddock continues to represent one of the better values in the whitefish complex. Supply is healthier than cod, prices remain more competitive, and many buyers are successfully substituting haddock where product specifications allow.

Pollock remains one of the most dependable whitefish categories globally. Supply is adequate, pricing has stabilized, and it continues to offer one of the strongest value propositions for retail and foodservice buyers.

Buyer takeaway: Continue securing cod requirements well in advance, while actively evaluating haddock and pollock as lower-cost alternatives.



Flatfish


Flatfish markets remain relatively balanced.

Most major flatfish species continue to trade within expected seasonal ranges without significant supply disruptions. Demand remains steady across Europe and North America, while pricing has generally avoided the volatility seen in cod and other premium whitefish categories.

For buyers looking to diversify away from expensive cod programs, several flatfish species continue to offer dependable value and consistent availability.

Salmon

The salmon market is becoming considerably more balanced than earlier this year.

Norwegian production remains healthy, Chinese demand continues to improve, and increased availability has eased some of the upward pressure experienced earlier in 2026.

The U.S. market has softened as tariffs and currency pressures reduced buying activity, allowing more product to remain available for European and Asian customers.

Meanwhile, the global wild salmon season remains a major story. Alaska harvests continue to run well behind normal seasonal pace, particularly for pink salmon, reinforcing expectations for one of the tighter wild salmon markets in recent years.

Buyer takeaway: Farmed salmon offers better buying opportunities today, while wild Pacific salmon should continue to be secured early as harvest uncertainty remains elevated.

Shrimp

Shrimp continues to be one of the strongest value opportunities in global seafood.

Demand remains relatively soft across Europe while new Argentine production is beginning to enter export channels. As additional inventory reaches global markets, buyers should see increasingly attractive pricing opportunities during the second half of the year.

Warm-water shrimp also remains competitively priced, supported by abundant global production and comfortable inventories.

Buyer takeaway: There's no urgency to chase shrimp. Buyers can remain patient and look for opportunities as additional production reaches the market.

Pangasius

Pangasius continues gaining momentum as buyers search for affordable whitefish alternatives.

Retail demand remains particularly strong in Europe, supported by its consistent sizing, competitive pricing, and versatility across multiple applications.

With cod prices remaining historically high, pangasius continues to win market share in both foodservice and retail.

Buyer takeaway: Pangasius remains one of the best overall value purchases available today.

Pelagics

Pelagic markets remain mixed.

Mackerel continues to experience tight global supplies. Norwegian exports remain below historical levels, while a stronger Norwegian currency has further increased costs for many international buyers.

Herring, on the other hand, continues benefiting from substitution away from expensive mackerel. Buyers are increasingly shifting toward herring where product specifications permit.

Buyer takeaway: Secure mackerel early, while herring continues to offer better value and improved availability.



Tuna

Tuna markets remain relatively stable.

Skipjack prices have softened modestly from earlier highs, while yellowfin remains well balanced between supply and demand.

Lower fuel costs have eased harvesting expenses, although buyers should continue monitoring Indian Ocean quotas later this year, which could tighten yellowfin availability.

For now, tuna markets remain considerably calmer than many whitefish categories.

Cephalopods

Cephalopods remain one of the softer markets.

Squid and octopus supplies have improved significantly thanks to strong production from Argentina and Peru, placing downward pressure on prices.

Looking ahead, buyers should monitor Pacific weather developments. A strengthening El Niño could eventually impact squid production later this year, but for now the market remains well supplied.

Crustaceans

King crab continues to face supply constraints following reduced Norwegian production and fishery closures earlier this year, keeping prices firm.

Snow crab markets have become more balanced as Canadian production improves and seasonal inventories continue to rebuild.

Overall, crustacean markets remain considerably healthier than they were six months ago, although premium crab products remain relatively expensive.

Buyer Bottom Line

July's seafood market continues to tell two very different stories.

Groundfish—especially Atlantic cod—remains structurally tight with little expectation of meaningful price relief. In contrast, shrimp, salmon, pangasius, pollock, haddock, squid and octopus are providing buyers with significantly better purchasing opportunities.

Our recommendation is to secure your cod, premium crab and mackerel requirements early, while taking advantage of improving buying conditions in salmon, shrimp, pangasius, pollock and cephalopods. Buyers who remain flexible on species substitution will continue to find the best value through the second half of 2026.

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