FAO published global fish production data

FAO released its 2022 global fish production data. The effects of the COVID-19 pandemic are diminishing, and dynamics in the global market for fishery products are shifting. Production is expected to increase by 1.5 percent to reach 184.6 million tonnes.
Man with fish
9 March, 2023
By Bert Popping

Global fish production is expected to continue its recovery in 2022, with a projected increase of 1.5 percent to reach 184.6 million tonnes. Aquaculture is expected to grow by 2.9 percent, while the growth rate for capture fisheries is projected to be 0.2 percent due to fuel costs and reduced quotas. Total export revenue is expected to climb by 2.8 percent to $178.1 billion, while volumes are set to drop by 1.9 percent. Despite positive growth figures, they remain below the long-term trend due to ongoing market recovery and challenges affecting suppliers.

Asia is experiencing increased shrimp harvests, boosting export volumes and revenues for major producers. Ecuadorian shrimp, Brazilian tilapia, and Chilean salmon are the main drivers of export growth in South America. Major markets in Japan, China, the United States, and the European Union have had muted growth in USD import value, largely due to the steady strengthening of the US dollar against major world currencies.

The effects of the COVID-19 pandemic are diminishing, and dynamics in the global market for fishery products are shifting. The recovery of food service businesses and the tourist industry are boosting sales significantly. The pandemic has also catalysed various innovations in delivery, sales, marketing, and products. However, consumer interest in some products popular during the pandemic, such as canned tuna, has waned.

Upward pressure on prices is being felt from multiple sources. High rates of inflation, rising commodity prices, and expensive inputs, such as feed and fuel, contribute to elevated costs. Freight rates remain high in relative terms, and supply growth for key species has been limited. These factors, combined with the revitalization of the retail market and ongoing reopening, are driving prices sharply upwards for many fishery products. Prices for some species, such as salmon and pangasius, are at peaks not seen for several decades. The FAO fish price index has been climbing steeply since the end of 2020, reaching a level of 117 in February, the highest level ever observed.

The full report can be downloaded from the FAO website.

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