SEAFOODNEWS.COM by Michael Ramsingh — October 23, 2014 — Spain has eclipsed the Philippines as the top octopus supplier to the US this year. Buyers say the influx of Spanish octopus to the market has been driven by higher restaurant demand domestically along with the softer demand from the EU.
Spain has eclipsed the Philippines as the top octopus supplier to the US this year. Buyers say the influx of Spanish octopus to the market has been driven by higher restaurant demand domestically along with the softer demand from the EU.
For the year the US has imported 40 percent more Spanish octopus compared to 2013. Imports stand at 6.2 million pounds, a record high volume.
This run up in shipments vaulted Spain past the Philippines as the US's top octopus supplier.
Chart Source: Urner Barry
Spain has surpassed the Philippines as the top octopus supplier to the US this year.
One major US buyer said this supply shift is two-fold: higher restaurant demand for octopus and dwindling interest from the EU.
As more ethnic populations move into the US, restaurants, especially white table cloth establishments, continue to diversify their menus with alternative protein options. Buyers say octopus has offered restaurants a lower-priced seafood menu option akin to squid. Aside from the higher imports from Spain, overall octopus imports to the US are up over 16 percent in 2014 to about 26 million pounds.
Total US Octopus imports are up 16% percent this year
Chart Source: Urner Barry
But buyers say the run up in Spanish octopus imports here has aided been driven by falling demand in the EU. With the European economy still struggling Spanish packers reported a lack in interest for the product from their main market and the need for an alternative destination for their product.
So with overall octopus demand in the US already on the rise, Spain's octopus exporters have gone to the US to fill the market void left in the wake of the EU's inability to buy up the product. The strengthening US dollar has helped as well.
This story originally appeared on SeafoodNews.com, a subscription site. It has been reprinted with permission.