Updated Sockeye Market Data & Commentary

/

See BBRSDA’s Market & Value Info page for updated data related to sockeye market conditions.

Sockeye Market Commentary - October 2021

The wild salmon season is complete and more data is becoming available about market conditions in the wholesale, export, and retail sectors. Many data sets have been updated below, so check those out. In general, demand is very strong and prices for sockeye products are up substantially over last year (with the exception of canned product). Here’s some key stats & takeaways from data released in recent weeks:

  • The base ex-vessel price for Bristol Bay sockeye paid by large processors was $1.25/lb. in 2021, up from $0.70/lb. in 2020. The final/average ex-vessel price for 2020 is quoted at $1.06/lb. by ADF&G (including bonuses/adjustments), although this figure may still be revised. Many driftnet fishermen received over $1.25/lb. in 2020 after quality and production bonuses (BBFA 2020 price sheet - LINK). Ex-vessel prices for Bristol Bay sockeye prices again lagged most other regions in Alaska.

  • Preliminary estimates suggest global sockeye production increased by 10% in 2021 to 330 million lbs., largely due to better Alaska harvests outside of Bristol Bay. In terms of pounds caught, Bristol Bay’s harvest was roughly unchanged. Sockeye supply declined 23 percent in 2020. Farmed Atlantic production increased 5% to 5.95 billion lbs. in 2020, and is projected to increase by 3% in 2021.

  • Export prices for frozen H&G sockeye are up 52 cents/lb. over last year and are on par with 2018 through the first couple months of the wholesale season (July-August).

  • First wholesale prices of frozen H&G sockeye from Bristol Bay are up $1.07/lb. to $4.33/lb (July-August avg.), compared to the same months in 2020. Prices of frozen sockeye fillets from Bristol Bay are up $0.75/lb. to $6.61/lb., although anecdotal reports of prices for fillets and portions available for purchase by direct marketers are significantly higher (over $9.00/lb).

  • U.S. retail prices for sockeye are up as well. In Q3, the average price of sockeye fillets sold on promotion was $12.94/lb., up from $11.99 in 2020-Q3. The retail price gap between sockeye and Atlantic salmon is the highest on record (at least back to 2010), underscoring the strong demand for sockeye in the domestic market. It is estimated that fishermen received a significant reduction in the percentage of retail value during the 2020 harvest year (June 2020 - May 2021), compared to previous years.

  • Bristol Bay fishermen received 40% of the first wholesale value derived from sales of key sockeye products for the 2020 harvest year (LINK). Based on data released by the State of Alaska, large Bristol Bay processors sold $526 million worth of Bristol Bay sockeye products for the 12 months following the start of the 2020 season and fishermen were paid $212 million. The percentage of value received by Bristol Bay fishermen was 62% and 58%, respectively, in 2019 and 2018. However, the COVID-19 pandemic and exceedingly poor salmon runs elsewhere in Alaska made 2020 an unusual year, to say the least.