Whitefish consumption in Europe has gradually declined

The decline in natural whitefish supply in EU markets is driving prices higher, opening opportunities for certain Vietnamese seafood products.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the UK’s withdrawal from the EU (Brexit) has significantly altered European consumption trends since 2020. Whitefish consumption in Europe has gradually declined, accompanied by increasing reliance on imports. This issue is further exacerbated by a 25% reduction in the Barents Sea cod quota next year, a major source of Atlantic cod for both Norway and Russia.

Since Brexit, the EU whitefish sector has become increasingly dependent on global markets for raw materials while maintaining strong processing capacity within the region.

While global fish consumption has risen over the past decades, developed markets like the EU, the US, and Japan are experiencing long-term declines. These markets continue to compete with developing regions, such as Asia, for access to increasingly limited supplies.

The import volume of key whitefish species into the EU increased by 4% from 2020 to 2023, with a significant 27% rise in value. Notably, the import value of Alaska pollock and hake rose by 16% and 20%, respectively.

This trend highlights not only growing demand but also increased reliance on international suppliers. Additional restrictions by Western countries on Russian products could cause even greater changes in EU markets.

Recent trends in the EU whitefish market indicate a significant 35% drop in whitefish catch volume within the bloc between 2018 and 2022.

In response to declining catch volumes, prices have surged across the supply chain, from wholesale to retail. Atlantic cod faces substantial pressure, while Alaska pollock and hake have shown more stability due to effective fisheries management in Africa.

EU consumers continue to prioritize sustainable sourcing. However, due to the cost-of-living crisis, price has become a more critical factor. Consumers are increasingly opting for more affordable farmed seafood or alternative protein sources.

On the other hand, the ongoing decline in natural catch volumes and rising prices have created new opportunities for farmed whitefish products such as seabass, seabream, tilapia, cod, barramundi, and pangasius. Many of these products align with the strengths of Vietnamese enterprises./.