For price trends, shrimp and cephalopods experienced price declines due to strong production, especially from South America, despite robust demand in Mediterranean countries. In contrast, groundfish species like cod saw a 10 percent price increase due to reduced availability, with notable spikes in Italy. Tuna prices, particularly skipjack, dropped globally due to reduced demand for canned products, while yellowfin prices remained stable in some regions. Norwegian salmon exports reached record highs, but prices are trending downward due to softer global demand.

On the import export fronts, shrimp imports into the EU grew by 5 percent in the first half of 2024, driven by restaurant sector demand. Norway continues to supply cod, though prices dipped temporarily. Turkey and Greece dominate seabass and seabream exports, with stable prices, except for larger seabass, which saw a 10 percent increase in September.



Regarding sustainability and market drivers, sustainability concerns are giving rise to seafood alternatives; such products in trial are 3D-printed plant-based calamari rings. Meanwhile, stable inflation and a strong tourist season in summer 2024 boosted seafood consumption in restaurants, with luxury items like shrimp, lobster, and crab seeing high demand.

Our recommendation to EU seafood buyers is to capitalize on lower prices for shrimp, cephalopods, and salmon by securing bulk purchases while prices are favorable, while being cautious with groundfish like cod, where supply constraints are driving prices up.

Buyers should also stay attuned to consumer trends in adopting alternative sustainable seafood options - diversifying offerings and meeting growing demand for environmentally friendly options.



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