FAO – Globefish Highlights

The fisheries and aquaculture sector faced challenges in 2023, with supply tight, weak demand, and changing trade patterns. Economic factors such as inflation and consumer preferences have led to stagnant consumption and production. While global consumption has returned to pre-pandemic levels, concerns arise due to rising living costs. Higher-priced fish products are seeing weak sales as consumers opt for cheaper options. Aquaculture output increased slightly, but rising costs and inflation hindered production. Wild capture fisheries output decreased, mainly due to reduced fishing quotas and the impact of El Niño on Peruvian anchoveta catches. The outlook for aquatic commodities varies, with declines in cephalopod and crab markets, reduced cod quotas but increased pollock, and pressure on the lobster industry. Small pelagic fish like herring and mackerel are facing catch reductions. Tilapia production and trade volumes are stable but face high costs and demand instability. Pangasius farmers are struggling with stagnant production and reduced harvests, worsened by the El Niño event in the Mekong delta.