Russia increases production volume by 15.6%

In the latest report from the Russian Fisheries Agency, Rosrybolovstvo, the country's aquaculture industry has shown promising results for the first quarter of 2023, with an increase in production volume. According to the data released, the total production reached 181.4 thousand tons, reflecting a growth of 15.6% compared to 2022.

Rosrybolovstvo highlighted that commercial aquaculture has emerged as a driving force behind the industry's progress and has now is close to a consolidated position.

However, the imposition of sanctions on the country has brought about some effects, including internal inflation and a decline in export figures for aquaculture products. Consequently, this downturn has impacted the profitability of various companies operating within the industry.

Last year Russian fish processors were betting on replacing products with national products to alleviate Occidental sanctions. However, over a year later the situation has not changed much and the current scenario will lead to further reductions in Russian seafood imports.

The National Rating Agency (NRA) has cautioned that, given the prevailing circumstances, fish consumption in Russia may decline around 5-7% per capita annually, particularly in salmon.

This decrease in fish consumption could have substantial consequences for Russia, considering it traditionally produces salmon, carp, shellfish (such as oysters, mussels, scallops, and other mollusks), sturgeon, and whitefish. Consequently, the industry may face significant challenges and repercussions in the upcoming years.