News from Intrafish on February 22 that strong cod production in Iceland and weak demand in the catering industry have jointly depressed the price of cod in Iceland. Suppliers believe that the growth of new markets and retail sales may help the industry’s recovery.
From the beginning of the year to February 15, the average price of unwound Icelandic fresh cod at auction was 2.08 euros per kilogram, and the price of dewaled cod was 2.17 euros per kilo, which was 17%lower than the average price in 2020. 26%.
Ocean Data Center stated that the fishing company has completed 50%of the total quota of 254,273 tons. The usual fishing season is from September 1 to August 31 of the following year.
In 2020, Iceland’s whole fish exports increased by 60%, sea frozen fish exports increased by 54%, exports to the Netherlands increased by 150%, and exports to Denmark increased by 4 times.
According to statistics from the Icelandic Bureau of Statistics, the total amount of cod caught in Iceland in January was 22,853 tons, an increase of 30%over the same period in 2020. Although the food service sector is pushing down prices, Icelandic ships are working hard to catch their total quota, and there is currently”a large number of products” available.
Icelandic cod supplier Heida Kristin Helgadottir, CEO of Niceland Seafood, said that sales in the catering market are still weak. Due to the unstable operating environment of catering, there is great pressure to keep prices low. Although the timetable for the recovery of catering is not yet clear, the retail sales momentum is strong.
Icelandic whitefish supplier IceMar CEO Gunnar Orlygsson said that as a large number of cod are caught, the market will have an oversupply situation. In the near future, there will be a weak market, but he is very concerned about Atlantic cod. The prospects in some markets are optimistic, especially in northern Europe, central Europe and the United States.
Groundfish Forum experts predict that Pacific cod catches are expected to continue to decline in 2021. In the past few years, concerns about biomass have led regulators to reduce the total allowable fishing quota. U.S. regulators set the 2020 cod quota for the Bering Sea and Aleutian Island at 155,595 tons.
Experts pointed out that Russia is increasing local consumption of Atlantic cod, and the Asian market is also growing. The decline in catering services is not all bad. This forces the cod industry to look for new opportunities and markets. Consumer cooking at home is more expensive for seafood consumption, and it also promotes more interaction between the industry and consumers.