The price of squid rings soars

The global squid ring market is entering a period of rapid growth, driven by robust consumer demand for convenient foods, the pursuit of diverse flavors, and the soaring prices of squid raw materials.

The latest data shows that China's Oceanic Squid Price Index soared to 246.16 points in December 2024, a year-on-year surge of 55.3% and a historical high. This upward trend is primarily influenced by the El Niño climate, leading to a significant reduction in catches in the southeastern Pacific fishing grounds. Coupled with rising global logistics costs, prices in the four major squid producing areas (southeastern Pacific, southwestern Atlantic, northwestern Pacific, and Indian Ocean) have increased across the board, with the southeastern Pacific producing area seeing a price increase as high as 100.38%.

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Despite the sharp rise in squid raw material prices, the market demand for squid rings has not decreased but increased. Compared with substitutes such as white shrimp and white-fleshed fish, squid rings stand out in the catering and household consumption markets due to their unique texture of crispy outer skin and tender inner flesh, as well as their relatively affordable prices. Their convenient features of frozen pre-frying and pre-packaged instant food make them a popular choice for fast-food restaurants, bars, and home cooking.

As the world's largest producer of oceanic squid, Chinese manufacturers control 70% of the global squid output and are accelerating the transformation to high-value-added products. Industry reports show that Chinese enterprises have not only developed derivative categories such as canned goods and dried products but also actively expanded into emerging markets in Southeast Asia, the Middle East, and other regions. At the same time, strengthening the full-chain traceability system from fishing to retail has become a key strategy to enhance international competitiveness.

Recently, the International Standard for Quick-Frozen Coated Aquatic Products (ISO 17648:2025) led by China was officially released, which for the first time incorporates key indicators such as "meat content" into global unified standards, greatly improving the recognition of Chinese aquatic products in the international market. This standard is expected to significantly promote the export growth of China's breaded squid rings in "Belt and Road" countries and emerging markets.

Analytical institutions predict that although squid raw material prices may gradually decline with the recovery of supply, the breaded squid ring market will still maintain strong growth from 2025 to 2026. In the post-pandemic era, consumers' demand for convenient and high-quality seafood remains strong, and with the expansion of the global seafood market (e.g., the U.S. market is expected to reach $41.7 billion by 2032), the industry has sufficient growth momentum. Driven by both consumption upgrading and supply chain optimization, China's squid ring industry is expected to further consolidate its global leading position.

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The price of squid rings soars

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