Next year, we expect falling commodity prices in many segments of the seafood industry. Currently, both pasteurized and fresh crab meat prices are extremely high, but they are likely to decrease. With limited crab production in Venezuela, pasteurized inventories have diminished. However, by mid-February, we anticipate fresh Venezuelan production to increase and depress the market, especially in the peak months of March, April, and May.
The worldwide supply of Atlantic Salmon is projected to grow by 4%, keeping prices stable, with China’s economic health being a significant factor. Fresh fish prices, reacting quickly to a slowing economy, will continue to offer great value in 2024. As for shrimp, the market has been low for some time. Shrimp growers can’t sustain selling at current prices, leading to a halt in production until the market rebounds, which we expect in the latter half of the year.