Octopus landings continue to decline, as they have done over the past decade. Supplies will be tighter and prices will rise again. Supplies of squid are somewhat better, except for Loligo. The Loligo season around the Falkland Islands (Malvinas) was cut short, and supplies will not improve until well into next year.

Octopus

Global octopus landings have been on a declining trend for several years, and this seems to continue. Quotas have been reduced, so supplies are expected to become tighter. However, demand has also weakened, probably as a result of global inflation, and because holiday travel was reduced during the COVID-19 pandemic. Prices for octopus have weakened a bit but are expected to recover.

Lower quotas in Morocco and slow catches in other regions have resulted in higher prices and tight supplies. The Moroccan octopus fishing season ended on 15 September and will not resume until mid-December. During the summer, prices in Morocco started to decline due to the start of the summer fishing season. The Mexican octopus season started on 1 August, but catches have been somewhat disappointing.

The octopus market suffered severely during the COVID-19 pandemic. Most octopus processors and suppliers in Europe experienced a significant drop in sales. However, with the gradual re-opening of the foodservice sector in 2021, business has come back. Demand for octopus on the European market was unusually weak during the summer of 2023. Normally, the summer months are high season, but this year, consumers have been holding back spending because of extraordinary increases in food prices, and just about everything else. Because of the weak demand during the early summer months, prices came under pressure and fell significantly.

Japan imported 15.6 percent more octopus during the first half of 2023 than during the same period in 2022. Total imports amounted to 20 837 tonnes. The largest suppliers were Mauritania, with 6 679 tonnes (up by 241.8 percent!), China, with 5 005 tonnes, and Viet Nam, with 3 920 tonnes. Imports from Morocco dropped by 42.9 percent, from 5 136 tonnes in the first half of 2022 to 2 934 tonnes in 2023.

Octopus imports into the Republic of Korea fell slightly during this period, from 32 713 tonnes in 2022 to 31 102 tonnes in 2023 (-5 percent). This trade also saw some major changes among the suppliers. Thailand increased shipments by 67.8 percent, from 830 tonnes in 2022 to 1 393 tonnes in 2023. The largest supplier, China, increased shipments to the Republic of Korea by 7.2 percent to 14 558 tonnes, and thus accounted for 46.8 percent of the country’s total octopus imports.

Over the past year, octopus processors have seen a significant increase in raw material prices, but in July 2023, prices started to slip because of good supplies from Morocco and a slower demand from the European foodservice sector. Export prices of Moroccan octopus were in decline from the first quarter of 2022 until about early February 2023, when they made a sudden jump. Since then they have stayed high, albeit with some ups and down.

Squid

The Loligo squid season in the Falkland Islands (Malvinas) was cut short. It began at the end of July but ended already in late August because catches were less than substantial. Consequently, there is a lot less Loligo squid on the market than anticipated. Furthermore, there will be no Loligo fishing around the Falkland Islands (Malvinas) between September and February, and prices are therefore expected to increase.

The warmer ocean temperatures off the US west coast are causing a boom in the abundance of market squid (Doryteuthis opalescens). The market squid is found from Alaska to Mexico, and spawns from April to November off the coast of California. It is unknown how large the population is.

In the 2022 – 2023 season, a total of 51 121 tonnes were landed, with a value of USD 67.3 million. The season runs from 1 April until 31 March the following year. Landings are strongest in autumn and early winter.

The Japanese government released information about catch performance in 2022, and the figures tell a disappointing story. Catches of Japanese flying squid (Todarodes pacificus) fell to a record low of 29 700 tonnes, which was 95.6 percent below the record high of 1968. Prices in 2022 rose 40 percent as a result, to a new high of USD 5.69 per kg.

Trade

China’s imports of squid and cuttlefish rose considerably during the first half of 2023: from 168 134 tonnes in 2022 to 255 194 tonnes in 2023 (+52 percent). But there were some major shifts among the suppliers. Peru increased almost tenfold, from 10 961 tonnes during the first six months of 2022 to 107 279 tonnes during the first half of 2023. Viet Nam, on the other hand, saw a 44 percent reduction in their supplies of squid and cuttlefish to China, from 12 957 tonnes to 7 244 tonnes. Shipments from the United States of America increased by 39.5 percent to 30 811 tonnes, and imports from Spain increased from 6 712 tonnes in 2022 to 11 955 tonnes in 2023 (+78 percent).

Chinese exports of squid and cuttlefish, however, went down by 16 percent during this period. All the major destinations experienced reductions. The largest markets were Japan, Thailand, and the Republic of Korea. These figures also indicate that domestic demand in China is increasing.

Japan’s imports of squid and cuttlefish were practically the same in the first half of 2023 as in the same period in 2022: around 77 500 tonnes. The major suppliers were China (45 264 tonnes or 58 percent of the total), Peru (13 273 tonnes or 17 percent of the total) and Chile (3 132 tonnes, 4 percent of the total).

Korean imports of squid and cuttlefish increased by 23 percent during this period, to 90 100 tonnes. The largest suppliers were Peru (44 percent of the total), China (34 percent of the total), and Chile (5 percent of the total).

Spain’s imports of squid and cuttlefish increased by a modest 7 percent during the first half of 2023, but there were some major changes among the suppliers. Total imports amounted to 154 499 tonnes, of which Peru supplied 38 636 tonnes, the Falkland Islands (Malvinas) 32 091 tonnes and Morocco 25 478 tonnes. Shipments from India and China declined by 22.7 percent and 21 percent, respectively.

Squid and cuttlefish imports into the United States of America dropped by 32.6 percent during this period, to 30 232 tonnes. All the main suppliers registered lower shipments: China -51 percent, Argentina -21 percent and India -49 percent.

Outlook

Global landings of octopus continue to decline, consequently supplies will be tighter also into 2024. However, demand has also weakened, probably as a result of global inflation, and because holiday travel was reduced during the COVID-19 pandemic. Prices for octopus have also weakened a bit, but are expected to recover, as is demand.

Landings of squid in South America are increasing, except in Argentina, where 2023 landings are lower than previous years. The beginning of 2023 was very poor for Argentina but appear to be improving towards the end of the year.

The squid trade is growing, and an increasing share of the total volume is finding its way into China. Imports into Europe are a bit slow, and US imports of squid are falling significantly. Korean imports of squid are also on the way up again after COVID-19, while Korean imports of octopus are declining, mainly because of tighter supplies.