2024 Crisis in Russia’s Cod Industry: Domestic Supply Surges, Export Volumes Plummet, Cod Industry Faces Life-or-Death Situation!

With the volatility of the global market, the Russian cod fishing industry began to shift its focus to the domestic market. In the first half of 2024, Russia's domestic cod fillet supply exceeded exports for the first time, becoming the main focus of fishing operators. Alexei Buglak, president of the Russian Cod Fishing Association (PCA), stressed at the forum in St. Petersburg that this shift highlights the growing importance of the domestic market.

In recent years, PCA has actively promoted the market image of the fish through the "Far East Cod" project, aiming to attract more consumers. The project includes not only making recipe videos, but also launching mini-series, using the influence of Internet celebrities and bloggers to widely promote the delicious and nutritional value of cod. Buglak noted that in the first half of 2024, the supply of cod products to the domestic market reached 203,000 tons, accounting for 35 percent of the total catch, an increase of 6 percent year-on-year. This achievement has been achieved thanks to a precise grasp of consumer demand.

In addition, PCA plans to expand into the hotel, restaurant and catering (HoReCa) sector, where market research shows that 98 percent of restaurant menus include fish dishes, but cod is only used by 27 percent. This shows that despite the high cost performance of cod, its market potential has not been fully exploited. Buglak said PCA has begun to work more closely with the chef community and recently partnered with the Moscow Chef Team Festival, with the aim of showcases the diversity and profit potential of cod as a high-quality ingredient.

PCA also plans to promote the brand identity of "Far East Cod" in the retail market in order to increase market awareness of the product. Buglak revealed that the first packaged products bearing the "highest standards of Far Eastern Cod" logo are already on sale and are expected to provide an integrated platform for players across the supply chain.

The next phase for PCA will focus on strengthening cooperation with retailers to expand cod's shelf presence in stores. Recently, PCA signed a cooperation agreement with X5, one of the largest retail chains in Russia, with the aim of improving market access for cod and enhancing its competitiveness in the domestic market.

As a result of these efforts, the Russian cod industry not only secured its position on the international market, but also achieved new growth in the domestic market to meet the growing consumer demand.