Market trends in the fish sector – In the dynamic and ever-changing aquaculture industry, the spotlight is on the salmon sector, predicted by Rabobank analysts as the most profitable for the first half of 2024. The outlook is optimistic, with salmon prices expected to remain high, albeit slightly lower than the record high recorded in the first six months of 2023. This market scenario, combined with lower feed and bio risk management costs, anticipates a period of high profitability for salmon producers.
In contrast, the shrimp landscape presents more complex and uncertain challenges. Analysts find it difficult to predict a stabilisation of the sector. Abundant supply keeps prices low, while reduced Chinese imports add a note of concern. Despite potential positive demand from China, high inventories and a slightly weaker renminbi could slow the recovery of shrimp prices.
In contrast, the horizon is brightening for Peru’s fisheries, as the mitigating effects of El Niño in the first half of 2024 promise an improvement in the sector. Rabobank analysts expect an increase in the supply of fishmeal, anticipating the normalisation of prices. Against this backdrop, prices of land-based commodities, such as soybean meal, follow a downward trend that is expected to persist in the first half of 2024.
In summary, 2024 looms as a period of challenges and opportunities in the seafood sector. While salmon lead the way to profitability, shrimp face uncertainties, and fisheries in Peru are preparing to enjoy the benefits of climate stabilisation. Industry players will need to carefully navigate through these dynamics to capitalise on emerging opportunities and mitigate the challenges inherent in the global seafood market.
Market trends in the fisheries sector