The market for Alaska Pollock is important to the world’s seafood sector. With a catch of more than 1.3 million tonnes, it is the largest fish resource on Earth for human consumption. APO is now found in supermarkets and in sushi and fish fingers. The APO market is expected to reach US$ 2.1 billion by the end of 2023. Pollock fillet and surimi have seen a decrease in price, but next year is predicted to bring about a change in the market. Let’s take a look at the current APO market situation in the article below.
Catching Quantity and Production
US and Canada Alaska Pollock
The most widely harvested fish in the United States is Alaska pollock. APO may be found in everything from McDonald’s Filet-O-Fish to imitation crabmeat. Each year, massive floating factories harvest 1.5 million metric tonnes of fish in the Bering Sea and Gulf of Alaska.
In Alaska, 99 percent of the Total Allowable Catch has already been captured during the 2023 pollock seasons A and B. The (TAC) for the United States and Canada in 2024 is estimated to be 1.48 million tonnes, a 0.3% increase over this year’s level.
Around 90 to 95 percent of the 2.06 million tonnes of Total Allowable Catch that was captured during Russia’s pollock season in 2023 has already been harvested. The Russian Pollock TAC for 2024 is set to increase by 5% to 2.29 million tonnes.
Furthermore, exports of frozen Pollock fillet rose by 12.1% to approximately 88,000 tonnes. These were mostly sent to Europe, with 49 and 10 percent of the total going to Germany and the United Kingdom, respectively.
US and Canada Alaska Pollock
While the price decline for pin-bone out pollock fillets has not been as sharp as that of surimi, it has nonetheless occurred quickly. From a record high of $5,000 (€4,576) per tonne in 2022, US fillet prices have dropped significantly, with the majority of prices today falling below $4,000 (€3,758).
According to the U.S. Department of Agriculture (USDA), overall seafood inflation in the country is expected to be modest. Lower seafood costs, could draw customers’ attention and perhaps increase sales and pricing until the end of the year.
Russia pollock fish will likely retail for between US$ 3.5 and US$ 4.9 per kilogramme in 2023, or between US$ 1.59 and US$ 2.22 per pound (lb). In November, the retail price range for Russia pollock fish is $5 to $7 per kilogramme, or $2.27 to $3.17 per pound (lb).
Pollock has dropped dramatically in price over the last year—by as much as 50%. For instance, the cost of headed and gutted (H&G) Russian pollock in China is currently approximately $1,200 (€1,126) per metric tonne. Still is significantly less than typical for this time of year. It is anticipated, that Russia’s weak currency will gain strength in the upcoming months, which will result in higher prices later in the year.
China’s Import and Exports of APO
China and Russia’s bilateral seafood trade grew by 80% year over year to 716,000 tonnes. Valued at US$1.38 billion (€1.28 billion) with a 78% increase from the previous year.
Following a decline in 2021, whole frozen pollock imports from China increased. China imported 570 026 tonnes in 2022, up from 395 049 tonnes in 2021—a 44.3 percent increase. However, it was still less than the 626 917 tonnes that were recorded in 2020.
China is reprocessing and selling a large portion of the Russian seafood that entered the nation in 2023 even to markets that have banned the import of Russian seafood. China increased its imports of whole frozen pollock by 12.5 percent to 380,000 tonnes in the first half of 2023, with 94% of the imports coming from Russia.
Pollock caught by Russia and processed in China is difficult to find and fills a significant void in the U.S. market. Despite the fact that the United States prohibits the use of the name “Alaska pollock” if the fish was not caught in U.S. waters. A tiny portion of the American catch is also shipped to China for processing before being reimported into the country, which further complicates matters.
However, the rate of growth in Chinese exports of frozen pollock fillets was not the same. It increased slightly, to 183 419 tonnes. It is believed that since more imported pollock is now sold in home markets, fewer processed pollock is being exported again.
APO Market in 2024
Alaska pollock, is predicted to produce 3.796 million tonnes in 2024, up 2.8% from the previous year. It is anticipated that next year APO will overtake Cod, Saithe, and Haddock in terms of market share. Buyers may turn their attention to pollock if cod prices stay high. This might put pressure on the price of this species until the market reaches its limit.
Pollock fillet and surimi have seen a decrease in price in 2023, but things are predicted to change soon. 2024 is predicted to see a market “correction”. Brought on by a stronger US dollar, increased inventories, and slower sales of surimi in Japan and blocks in Europe. Furthermore, as cod supplies decline, cod prices will rise further, making pollock appear more affordable. From 2023 to 2033, the wild pollock market is projected to grow at a (CAGR) of 4.9% worldwide.
Ocean Treasure: Your Reliable Supplier in Asia
Ocean Treasure World Foods Limited provides high-quality APO to several markets. If you are looking for an MSC-certified APO at a competitive price, please contact us. Based on APO’s current situation, we suggest this might be the right time to buy APO.
Ocean Treasure is always keeping an eye on the latest seafood news. We are a frozen seafood exporter and full-service provider with customers worldwide. With over 16 years of experience, we have professional teams to ensure total quality control, on-time delivery, and multilingual services.
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