Fish Market Report OVERVIEW Spring 2026 Welcome to the spring 2026 newsletter, which aims to cover the March to May period for the supply of fresh and frozen fish and seafood. This is quite an unpredictable phase in the calendar year due a variety of factors including the movement in and out of spawning seasons for some species, changes in weather affecting fishing effort, and water temperature affecting seasonality. This is in addition to fluctuations in demand as we hit the Easter period. The last 6 months of 2025 saw some of the most severe inflation on record for many of our most popular species. The worst affected were cod, haddock, sea bass, roeless scallops, mackerel, and gilthead bream. With prices remaining high, we are hopeful of either a period of stability, or some deflation in the medium term. Sadly, we are seeing salmon on an upwards trajectory. We are led to believe that prices will be more on a par with the trend of 2024 than 2025 where the expected peak did not materialise. With challenges that operators are experiencing with other proteins, this is far from ideal. However, it does reinforce that we all need to be looking at other options to mitigate this – be that alternative species, smaller portion sizes, or efficiency in other areas of the supply chain. We have recently released our latest sustainability report, highlighting our progress against our key sustainability goals and the new environmental and social initiatives we are pursuing. The “Growing Greener” report highlights our efforts and achievements in reaching our mission. Our key milestones through 2024/25 include and are not limited to: • Retention of ASC and MSC Chain of Custody certification. • Increased engagement score across employees following the annual feedback survey to 83%. • Investment in a route planning support manager to focus on efficiency in product delivery routing and last mile carbon footprint. • Development of a Live Decapod Crustacean Handling Code of Practice to ensure humane handling of these animals. • Introducing returnable crates in our supply chain to reduce packaging. • Receiving a Bronze Medal from the Eco Vadis sustainability assessment platform. Get in touch with your account manager to discuss how you can benefit from some of the environmental and social initiatives we are committing to as we continually strive to enhance the sustainability of our operation. We can guide you on both product and operational choices to reduce carbon footprint. Natalie Hudd, Director of Sales, Direct Seafoods. Farmed Fish Species Sea Bass & Gilthead Bream Comments Prices on sea bass and gilthead bream remain firm following the reduction in biomass that we have been detailing over the previous six months. It is likely to be 2027 before we will see the full effects of increased stocking. Farmers are still unsure of the impact of the 2025 summer mortality, in addition to the percentage of mortalities this coming summer will bring should there be another hot spell. At this stage, we believe that the vast majority of the increases have been passed on with some small incremental changes likely between now and September. At that point, there should be some improvement in biomass and more stable or reducing prices. Expect to pay higher prices for the larger fish (600-800g) that yield main course portion sizes (140g +) as this is the grading under the most pressure. Reducing a main course to 100-140g will mitigate some of this cost. Where bream is concerned, serving 2 x 80-100g fillets instead of one large fillet will offer a saving. Salmon Prices have started to rise unexpectedly in recent weeks. The usual hike after Christmas appeared as expected, followed by an easing that was expected to continue into February at least. Instead, we have seen a 16% increase week on week at the beginning of February. The word on the markets is that there will be a drop in anticipated biomass levels this year driven by a combination of higher sea lice levels, alongside strategic stocking to escape another over supply scenario and to create higher prices. The lower pricing of last year would have been an undesirable result for salmon farmers, so they will be keen to see a bounce upwards this year. The Norwegian biomass at sea in Norway has been lower than the previous year’s level. With only 1-2% biomass growth expected in 2026, salmon is also contending with other higher priced proteins such as beef and poultry which have seen significant inflation. This inflation sees movement into other proteins, so the demand is strong for salmon, and the price will adjust accordingly. Trout Smaller freshwater rainbow trout, given their lack of popularity, are expected to remain stable in price. Should the salmon price move as forecast (detailed above) we would envisage increased demand for all sea reared trout varieties, and ChalkStream®️ trout. This may see similar inflation in the sea reared origins as the closest alternative to salmon. ChalkStream®️ is likely to be the most stable option when comparing whole fish price alone but remember that the yield to fillets and portions is reduced in comparison to the Scottish and Norwegian trout. Halibut Halibut is anticipated to be steady in price over the forthcoming months. As a premium fish, this will not provide a cost-effective option for your menu, but it can be used in a diverse range of show stopping dishes to attract discerning customers – be that ceviche, carpaccio, grilled, baked, or pan fried. A great source of protein, whilst being rich in vitamins and minerals, halibut is extremely low fat. A great choice all round. Other Farmed Species Conversely to sea bass, we are now seeing good biomass levels for meagre. Meagre is a great option for March, when the wild sea bass commercial fishing ban is still in full effect, as its characteristics make it a viable alternative. The firm and meaty texture pairs well with Mediterranean ingredients. It is also a good alternative to cod in this time of white fish inflation. Farmed turbot prices are elevated at present. Their wild counterparts have been commanding some strong prices across all grades, so these do not offer a significantly cost- effective menu option. Farmed halibut is a better choice.
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