Global squid market faces decline in demand and trade volume, prices remain stable in 2024

The demand for squid on the international market appears to be slowing down. While the trading volume dropped dramatically in 2024, the prices of squid in the four primary production regions stayed steady, though with some considerable regional differences. In the Southeast Pacific, prices stayed high as Peru’s squid population showed muted signs of recovery and tightened supply due to high raw material costs; unfavourable weather conditions; and illegal, unreported, and unregulated (IUU) fishing. In Peru itself, prices of squid remain high. In the first three-quarters of 2024, China’s imports of squid and cuttlefish stood at 292 411 tonnes, down sharply by 18.4 percent compared to the same period the previous year. While its imports from Indonesia, Taiwan Province of China and Argentina increased by 38.4 percent, 893.2 percent and 162.3 percent respectively, the decrease was attributed to declining imports from other nations such as Peru (-81.57 percent) and the United States (-37.06 percent). Imports from Japan witnessed a slight decline of 0.92 percent, while imports from Thailand suffered a bigger drop of 21.12 percent.

The global squid market could experience continued price fluctuations, shaped by dynamic supply and demand factors. At the same time, rising costs of raw material and transportation may lead to prices hikes for both squid and octopus. Greater focus on stock management and sustainability, coupled with regulatory actions, is likely to affect their production and trade in the upcoming period. As global squid supply recovers, particularly with resumed fishing in the Southeast Pacific and continued strong catches in the Southwest Atlantic, the tight market conditions may ease, leading to potential price declines after the Chinese New Year (Spring Festival) in 2025.

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