US pollock consumption may drop due to Russian import ban

Large fish companies are concerned that the ban on Russian fish could lead to a decrease in consumption, especially among lower-income consumers who rely on more affordable fish options. Thomas Zaffiro, president of Channel Fish Processing, is doubtful that the market can fully shift to more expensive U.S.-frozen pollock, predicting a drop in sales at discount stores and restaurants. He also notes that alternatives like Cape hake and South American hoki aren't viable due to their higher prices.

Ron Risher, president of Grobest Seafood Global, warns that the ban could drive up prices for Alaskan salmon, further limiting affordable options for American consumers. While pollock prices are expected to rise, Zaffiro believes this will be delayed due to current stockpiles and increased supply in 2024, with a projected price increase of 10-15% in the coming year.

Chinese whitefish industry threatened by potential EU sanctions

A potential EU ban on all Russian fish, including those processed in third countries, could severely impact the Chinese whitefish industry, especially following the loss of the U.S. market. The European Commission is considering stricter sanctions, which would increase pressure on Chinese processors. Some regions are heavily dependent on Russian pollock, most of which is exported to Europe, particularly Germany.

Source: AMfish