Golden pomfret‘s price is firm before the new season. The golden pomfret market in 2020 is terrible. The price dropped a lot, and the demand is very low. Golden pomfret is a farmed fish, and Ocean Treasure is a leading seafood exporter in Asia. We are exporting this fish mainly to the USA, Canada, Southeast Asia, Middle East, and the European Union. The main season is between September to December. Golden Pomfret is available all year round.
Demand is at the lowest level; the price plunged in 2020.
The golden pomfret is expensive seafood and usually used in the catering industry. Due to the bad performance of the global catering market, the golden pomfret price plunged in 2020. It dropped by 20.7%, which is a massive decrease in the seafood market (Even when the freight cost was super high at that period). Since the demand is in a poor grade, that made the farmer lose huge money. So, farmers turned to farm other fish like tilapia and barramundi to get more profits.
Raw material in a shortage, market starts to recover.
In last season, many golden pomfret raw materials were dead of oxygen issues or bug issues. And the new season has less raw material which starts to affect on the price. From September 2020, the price begins to increase, and the demand is finally returning from the USA market. The price increased by 11.2% until the end of April 2021. The stock of the golden pomfret is less and less now; many importers think that the coming season in August 2021 will release the pressure of golden pomfret supply. But, what is the fact?
New-season with less seedling
In the new season in 2021, the baby fish Seedling is only 60% of last year. Last year, there were over 190,000 tons of fish caught. Due to the decrease of fish seedling, we can predict how the raw material situation in the new season will be. Due to the global pandemic situation being nearly under control, the market demand for golden pomfret is sure to grow.
What will the trend be in the next half year?
Considering the freight cost increase in 2021, which might last until the fourth quarter of 2021，the golden pomfret price will be firm. The first stage is before the new season is coming; in this period, there is no possibility that the price will go down since the freight cost is still increasing. Compared to last year, it’s still at a low level by 6.8% less for the price level. When the new season comes, the raw material pressure will release slightly, but the price level might increase again since importers are ready to start the Christmas purchase in August. We know, and everyone knows, this year’s Christmas will meet a consumption boom. People have been waiting too long to have this big event.