Cephalopod Market Overview (2024–2025): Squid, Cuttlefish, And Octopus
May 05, 2025
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Key Trends:
- Tight global supply of octopus and squid driving price increases.
- Adverse weather and smaller-sized catches in Morocco and Mauritania reduced octopus availability.
- Squid/cuttlefish markets saw mixed trends: lower landings in Peru and the Indian Ocean but strong supply from the Southwest Atlantic.
- U.S. import prices expected to rise due to new tariffs, varying by country of origin.
- Sustainability efforts (e.g., new fishing protocols, restocking initiatives) gaining traction.
Octopus Market
Supply & Prices:
Morocco & Mauritania (key suppliers to EU & Japan):
- Winter 2024–2025 seasons impacted by stormy weather, leading to smaller catches and higher prices.
- Buyers competing aggressively for limited large-sized octopus.
EU octopus landings dropped 19%
- Import prices rose in early 2025, but wholesale markets (France, UK, Japan) yet to see major spikes.
- Consumption in Italy & Portugal stable in 2024, but sharp uptick in Jan 2025 vs. Jan 2023.
New EU Fisheries Agreement with Guinea-Bissau (2025–2029):
- Allows EU vessels (Spain, France, Italy, etc.) to catch 3,500 GRT of cephalopods annually.
U.S. Market:
Octopus prices expected to rise due to new tariffs.
- Spain (top U.S. supplier) heavily impacted; U.S. is its second-largest octopus export market.
- Indonesia (second-largest supplier) also faces potential tariff hikes.
Trade Highlights (Japan):
2024 imports: 39,933 tonnes (-1% YoY).
- China (+10.8% to 10,717 tonnes) remained top supplier.
- Mauritania (-19.94% to 9,715 tonnes) and Viet Nam (-4.99% to 7,560 tonnes) saw declines.
Squid & Cuttlefish Market
Regulatory & Sustainability Developments:
- Peru: New squid fisheries management rules (satellite monitoring, traceability, reduced bureaucracy).
- Falkland Islands (Malvinas): Strong 2025 season start due to science-driven approach (AI-assisted stock assessments, climate change research).
Supply & Prices:
Global squid prices rose sharply, due to:
- Lower catches in Peru & Indian Ocean.
- Declining Japanese flying squid stocks (shift toward Illex squid).
China's split pricing trend:
- Southeast Pacific & Indian Ocean squid ↑ (tight supply).
- Southwest Atlantic & NW Pacific squid stable (Argentina rebound).
South Korea: Squid prices surged over 40% due to tight supply.
Trade Highlights:
- China (2024):
Imports ↓15.41% (391,990 tonnes).
↑ From Argentina (+113.18%) & Indonesia (+29.93%).
↓ From Peru (-79.07%), U.S. (-10.2%), Malaysia (-13.76%).
Exports ↑8.72% (551,967 tonnes).
↑ To South Korea (+18.55%), stable to Japan (+0.19%).
- Spain (2024):
Imports ↓1.84% (278,149 tonnes).
↑ From Falklands (+9.59%) & China (+45.41%).
↓ From Morocco (-10.18%).
- U.S. (2024):
Imports ↑4.15% (6,170 tonnes).
↑ From Argentina (+12.99%) & India (+3.17%).
↓ From China (-2.92%).
- Japan (2024):
Imports ↓3.15% (155,387 tonnes).
↓ From China (-1.18%) & Peru (-37.34%).
↑ From Chile (+26.61%).
