Global Seafood Trade Insights: The Rise of Panga and Squid in 2024

As the global seafood market continues to evolve, two key players, Panga and Octopus, have captured significant attention due to their rising trade volumes and market demand. In 2024, these species are expected to play pivotal roles in shaping the industry, driven by changing consumer preferences and expanding export opportunities.

Panga: Steady Growth in Production and Export

Panga, also known as Basa, has witnessed a steady increase in global production. In 2023, the production of Panga reached 3.1 million tons, marking a nearly 9% increase from 2022. This growth is expected to continue into 2024, with production forecasted to rise slightly to 3.2 million tons, representing an additional 3% increase.

Vietnam remains the dominant player in the Panga market, accounting for 52% of the world’s total Panga output in 2022. This trend is expected to persist, with Vietnam's Panga industry projected to grow by 3% in 2024. The country’s continued focus on expanding its export markets, particularly in Europe and North America, has been a key driver of this growth.

Other countries, such as India and Indonesia, are also ramping up their Panga production. India is expected to produce 668,000 tons of Panga in 2023, with a 5% increase forecasted for 2024. Similarly, Indonesia's Panga farming industry is showing promising results, with production projected to exceed 224,000 tons in 2023 and reach 229,000 tons in 2024.

Squid: A Rising Star in the Seafood Market

Squid, a species that has long been a staple in Mediterranean and Asian cuisines, is experiencing a surge in global demand. The increase in Squid consumption, particularly in Europe, Japan, and South Korea, has led to higher trade volumes and a greater focus on sustainable fishing practices.

China, a major player in the global seafood market, imported significant quantities of squid and cuttlefish in 2023, including Squid products. In June alone, China imported 43,100 tons of these products, valued at 988 million yuan, reflecting a 10% increase in quantity and a 34% increase in value compared to the previous year. Squid is expected to remain a key import for China as demand continues to rise.

The first half of 2023 saw fluctuations in China’s import and export of squid, cuttlefish, and Squid products, influenced by global supply constraints and price volatility. However, June 2023 marked a turning point, with both import and export volumes increasing. China exported 47,600 tons of these products in June, a 13% year-on-year increase, though the export value saw a slight decrease of 4%.

Japan, Thailand, and South Korea are among the top markets for China’s Squid exports. The rising demand in these countries, combined with the increasing popularity of Squid in Western markets, is expected to drive further growth in the global Squid trade in 2024.

Conclusion: Navigating the Future of Seafood Trade

As we move further into 2024, the seafood industry is poised for continued growth, with Panga and Squid leading the way. Vietnam, India, and Indonesia will likely expand their roles in Panga production, while China continues to dominate the import and export of Squid and related products. The industry must remain agile, adapting to shifts in consumer demand and global supply challenges to sustain this growth trajectory.

With sustainability becoming an increasingly important factor in the seafood trade, both Panga and Squid producers are expected to focus on sustainable practices to meet the evolving demands of the global market. As these trends unfold, the global seafood trade will continue to be an area of dynamic change and opportunity.

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