15/07/2022 by Chris van Bussel
The Supply Trend for Seabass and Seabream Continues
Not only is the supply growth to various countries increasing, but so are the prices and global feed sales for seabass and seabream.
The supply trend to Italy continues, around 8% growth in supply of seabass and lower supply growth for bream (3% in May) compared to last year. This increased volume of seabass is mainly coming from Turkey and Croatia, where especially Croatia shows notable growth in supply volumes. For reference the supply growth in May this year versus the May 2019 (the last pre-corona ‘normal’ May) was 1% for bass and 4% for bream and thus showing little change.
For the Spanish market also in May we saw a strong growth in supply of both seabass and seabream. The month of May was a bit weaker for seabass with a YOY growth of only 7% (but still 20% growth YTD). For seabream the trend continues with another very strong growth 27% in supplied volumes. The volume growth is mainly supplied by both Turkey and Greece and of course the domestic production in Spain. Although not large in absolute volume yet, notable is the increased supply of seabass year-to-date coming from Croatia. For reference the supply growth in May 2022 versus May 2019 was 0% for bass and 35% for bream. Thus, in Spain seabass consumption does not seem to be affected during this period, whereas seabream supply showed a strong growth. Domestic production did not change much over this period for both bass and bream, and seabream supply growth over this period is coming exclusively from Greece and is likely price driven.
Looking at the French market we saw a strong increased supply of both bass and bream. Supply of seabass was 14% higher compared with May last year and up 16% YTD. Supply of seabream increased with 6% for May compared with last year. If we compare the month of May with the last pre-corona May (2019) we see a decrease in seabass supply with 17% whereas seabream supply increase with a meagre 3%.
Seabass prices for fresh whole in the first week of June (week 22) continued the trend of increased prices, rising to 6,60 €/kg. This was an increase of 2,50 €/kg, or a 60% increase, when compared to the same week in 2021. The same trend can be observed for seabream, which rose to over 5,00 €/kg, which exceeded the price in week 22 2021 by over 1,00 €/kg. This corresponds to an increase of 30%. Despite record high prices, the accumulated value of exports so far in 2022 of fresh whole seabream from Turkey to the EU is lower than for the same period the previous two years. For seabass on the other hand, the value of exports so far in 2022 is higher than in 2021 but still slightly lower than the same period in 2020, which showed record volumes and low prices.
Global feed ales to seabass and seabream are up with 2% in May compared to last year (up 11% compared to May 2019). Global seabass and seabream feed sales are up 3% year-to-date compared to last year, and 15% up compared with 2019. However, one need to keep in mind that at the moment some raw materials are extremely difficult to source and thus there a large swings in both feed formulation and costs increases. This could be arguments that fish farmers are hoarding feed and thus buying more feed than they consume.
This is an extraction from the monthly Seabass and Seabream report. Want more news like this? Sign up for the report today.