US benefits from EU decision to restrict Russian cod fillet imports

The United States is emerging as a dominant supplier of cod fillets to the European Union (EU) market for 2024, with a projected 36% market share, following a significant decrease in supply from China and a stable supply from Russia. In 2022-2023, China's supply dropped by half to 69,500 tons, Russia's supply remained steady at the same volume, and the U.S. supply increased by 1.8 times to 77,800 tons. The shift in supply patterns is attributed to export restrictions and the quality of the fish, with the EU facing challenges such as rising cod prices and potential fish shortages if Russian fish purchases are banned. Efforts are underway to replace cod with other fish, particularly pangasius, but its taste and health benefits do not match those of cod, and its price is also increasing due to increased demand.

Alexey Buglak, head of the Russian Codfish Association (ADM), said that in 2024, the United States is the main supplier of cod fillets to the EU market. Before that, China was the main supplier of cod fillets in the European market, accounting for 50%-60% of the share. China supplies cod fillets made from frozen raw materials to the EU, while Russia and the United States supply cod fillets made from fresh raw materials to the EU. In 2022-2023, Russia occupied 27% of the EU market share. In 2024, China's supply of cod to the EU decreased by 50%, from 142,000 tons to 69,500 tons. Russia's supply was relatively stable, remaining at 69,500 tons, while the United States' supply increased by 1.8 times to 77,800 tons. This makes the United States occupy the top spot in the European cod fillet market with a 36% share in 2024, while Russia and China each account for 32%. Alexey Buglak said cod is popular in the EU and the only consequence of sanctions against Russia is a sharp rise in ...