Challenges of the past year include intense inflationary pressures and an additional 10% increase in production costs due to the revaluation of raw materials used in fish feed. Competition from Turkey was also significant, as its significantly increased production and the devaluation of the lira made its products highly competitive and facilitated market penetration.
Commenting on the publication of the 9th Annual Aquaculture Report, Mr. Yiannis Pelekanakis, Director of European Affairs at HAPO, stated, “2022 was a special year as the industry managed to maintain its production and successfully supply the markets in a negative international economic environment, while also strengthening its outward orientation. Improving trade terms in a difficult year demonstrates the confidence that consumers worldwide have in Greek aquaculture products and provides incentive to explore new opportunities in existing markets as well as the search for new markets and product formats that could further enhance outward orientation, profitability, and the overall outlook of the industry in the coming years.
On the other hand, in 2023, the loss of purchasing power of consumers in key EU markets has become apparent, with a shift towards cheaper products affecting the course of Greek exports. Additionally, price fluctuations are observed, which are expected to restrain the developmental trajectory of the industry next year. It is not clear when the market will stabilize and what the implications will be for Greek aquaculture, as everything will depend on the duration and intensity of this economic crisis. At present, industry companies are exploring all possible solutions to contain production costs and strengthen their competitiveness and resilience.
Project co-funded by Greece and the European Union
