The Commission has released the EU Fish Market report 2024, which focuses on the fishery and aquaculture market’s performance in 2022-2023
The European Union’s latest edition of the EU Fish Market report for 2024 has been released, providing in-depth analysis of trends and data across the fisheries and aquaculture sectors.
Published by the European Market Observatory for Fisheries and Aquaculture Products (EUMOFA), the report consolidates data from 2023 and earlier to offer insights on production, consumption, and trade in the EU.
Global Context and Market Position
The EU continues to maintain its role as a key player in global fisheries and aquaculture. Despite challenges, the region remains a major consumer and trader of fishery products, accounting for a significant portion of global imports.
Highlights of the Report
- Consumption Trends: Household expenditure on seafood increased by 6% in 2023, reaching €62.3 billion, though overall consumption volumes dropped due to inflation and other economic pressures.
- Trade Developments:
- Imports: Extra-EU imports decreased by 3% in volume and 6% in value, reflecting easing post-pandemic demand and geopolitical factors.
- Exports: Extra-EU exports rose slightly in value (1%) but dropped 3% in volume, hitting a 10-year low in tonnage.
- Species-Specific Insights:
- Salmon imports declined by 4% in volume but maintained high value at €8.4 billion.
- Cod prices remain elevated due to quota cuts, with average prices at €6.82/kg in 2024.
- Tuna remains the most consumed product per capita in the EU, though import volumes decreased by 12%.
- Aquaculture Growth: Farmed seafood consumption continued its upward trend, reaching the highest levels of the decade while wild-caught product consumption fell.
Macroeconomic Influences
Currency fluctuations, particularly a strong euro against the Norwegian krone, influenced import values, with key products like salmon and shrimps seeing price impacts.
Looking Ahead
The EU Fish Market 2024 provides vital data for policymakers and stakeholders as the EU works toward sustainable fisheries management and climate resilience. It also emphasizes the importance of innovation and sustainability in maintaining the region’s global market share.