3 Nov 2020
- The supply situation for major groundfish species such as cod is strong and will remain so in 2021. However, the resource situation in North America as well as in the Baltic is very weak, while in the Barents Sea supplies are strong.
- Cod farming is experiencing a revival, however it is not expected that cod farming will have any immediate effect on supplies.
- The economic downturn following COVID-19 has hit the restaurant sector very badly, and sales through this segment have bottomed out. In contrast, retail sales of frozen products have picked up, especially for frozen classics like fish fingers.
- The China-US trade war is still affecting groundfish trade between these two countries, as well as other actors in the value chain. Imports into the USA from China have declined significantly. This is likely to continue until the trade war is resolved.