During the COVID-19 pandemic, demand was weaker, mainly due to the fact that the tourism industry in Europe was almost closed down. As things return to normal, demand in a number of markets has picked up considerably, leading to sky-high prices.

Octopus

In 2020, global octopus landings o amounted to 377 818 tonnes. China accounted for 27.8 percent of this, while countries in West Africa (Morocco and Mauritania) accounted for 24 percent. Other large producers include Mexico (9.2 percent of the total), Japan (8.6 percent of the total) and the Republic of Korea (5.1 percent of the total). Over the past three years (2018–2020) total landings have been just under 380 000 tonnes.

One solution to the tight supply situation seems to be that one could start farming octopus, and several groups have been working on this. Over the years, supplies of both octopus and squid have declined. In an effort to increase supplies, several groups are now preparing to start aquaculture production of cephalopods, but they are meeting with strong resistance from animal rights and environmental groups. A Spanish company plans to produce some 3 000 tonnes of octopus at their farming facilities in the Canary Islands. The operation is expected to start in 2023 but faces massive opposition from various quarters.

Pacma, Spain’s party for the animals (Partido Animalista), is protesting the development for a number of reasons. Pacma claims that the Canary Islands regional government was against the development, although the authorities had defended the plans. Pacma also claims that the project would lead to serious environmental problems and that it would be based on a carnivorous diet that would contribute to overfishing and unsustainable fishing practices.

Trade

Japanese octopus imports declined substantially between 2015 and 2020, from 50 927 tonnes in 2015 to 37 752 tonnes in 2020. However, in 2022, imports during the first six months increased again to 18 031 tonnes (+12.8 percent compared to the first half of 2021). Most of Japan’s octopus imports come from Morocco, Mauritania, China and Viet Nam. The main reason for the increasing declining imports appears to be the weakening of the Japanese Yen.

While Japanese octopus imports are declining, Korean imports are holding their own. Imports during the first half of 2022 declined only slightly compared to the same period in 2021, from 35 090 tonnes in 2021 to 32 713 tonnes in 2022. The main suppliers were China, Viet Nam and Thailand.

Import prices in the Republic of Korea increased in 2022. For small frozen octopus import, prices increased by 28 percent during the first half of the year compared to prices during the first half of 2021.

Squid

Global squid catches have declined considerably, from 3.1 million tonnes in 2000 to 2.9 million tonnes in 2020.

One solution to this is aquaculture, but farming squid has proved difficult. For the past 60 years, scientists have tried to establish squid aquaculture, but with minimal success. However, now a group of scientists at the Okinawa Institute of Science and Technology have developed a squid aquaculture system that may work and would be cheap enough to operate to compete with imported squid. The group claims to have succeeded in controlling the full life cycle of the squid.

The scientists at Okinawa Institute of Science and Technology have grown 10 generations of the oval squid (Sepioteuthis lessoniana) and have been working closely with one commercial partner while also being in contact with five or six others. However, with squid prices being low, farming is not profitable at the moment.

Peru’s national chambre of jumbo squid, CAPECAL (Camara Peruana Calamar Gigante), and the country’s Marine Institute (IMARPE), have signed an agreement to promote sustainable fishing of the jumbo squid (Dosidicus gigas).

The jumbo squid fishery has become one of Peru’s most important fisheries for direct human consumption, and it is one of the largest artisanal fisheries in the world. According to CAPECAL, catches of jumbo squid in the Pacific amount to some 900 000 tonnes annually. Approximately 500 000 tonnes are landed in Peru.

Trade

Argentina’s exports of Illex squid increased by 14 percent to 115 135 tonnes during the first half of 2022 compared to the same period in 2021. In value terms, exports rose from USD 205.6 million during the first half of 2021 to USD 245.3 million in the same period in 2022 (+17 percent). The average export price thus rose by 4.1 percent to USD 2.13 per kg.

US imports of squid and cuttlefish increased dramatically during the first half of 2022 compared to the first half of 2021. Total imports rose from 32 086 tonnes to 44 620 tonnes (+39.1 percent). The major suppliers were China (13 092 tonnes or 29.3 percent of the total), India (6 502 tonnes, 14.6 percent of the total) and Argentina (5 500 tonnes, 12.3 percent of the total).

US squid imports have long been on an upward trend since a low point in 2015. From 2016 until 2018 imports increased steadily but then stagnated for a few years (albeit with some ups and downs) until the middle of 2021 when imports started to rise significantly again.

Japan’s imports of squid and cuttlefish continued to climb in the first half of 2022, from 67 781 tonnes during this period in 2020 to 72 169 tonnes in 2021 and to 77 760 tonnes in 2022 The largest supplier by far was China, which accounted for 61 percent of the total, followed by Peru with 12.5 percent.

China’s squid and cuttlefish imports, on the other hand, declined by 14.1 percent during this period compared to 2021. Imports fell from 196 022 tonnes in the first half of 2021 to 168 400 tonnes in the same period of 2022. The largest suppliers were Indonesia, the United States of America and Pakistan.

China’s exports of squid and cuttlefish increased sharply again, from 247 767 tonnes in the first half of 2021 to 310 797 tonnes in the same period in 2022 (+25.4 percent). The largest markets were Japan, Thailand and the Republic of Korea. However, Korean imports of squid and cuttlefish declined by 13 percent during the first half of 2022, to 73 079 tonnes.
Spanish consumption of cephalopods is picking up again this year due to the return of tourists to the country. Imports of squid and cuttlefish increased from 123 138 tonnes during the first half of 2021 to 143 919 tonnes in the first half of 2022. Thus, the country is on track to a “normal” situation. As usual, the Falkland Islands (Malvinas) were the main supplier, followed by Peru and Morocco.

In general, squid prices in Europe have been rising steadily since mid-2021. Prices seem set to have risen more rapidly in recent months.

Outlook

Octopus supplies will likely remain tight in the months ahead, but demand will slacken off as the European tourist season is over. Squid supplies are also expected to be tight, and prices, which have been increasingly steadily since mid-2021, will probably rise somewhat.

International trade has shown signs of recovering after the COVID-19 pandemic, but there are still ups and downs. It is now expected that trade will stabilize and that there will be some growth in major markets.