FAO’s 2022 Biannual food outlook shows that global fisheries and aquaculture production is expected to increase by 1.2 percent in 2022 despite pressures from inflation and a slowing global economy. Total fisheries and aquaculture production is expected to reach 184.1 million tonnes.

Total fisheries and aquaculture production is expected to increase globally by 1.2 percent in 2022 (+2.6 percent for aquaculture and -0.2 percent for capture fisheries) to reach 184.1 million tonnes.

Increased climate variability, conflicts and geopolitical tensions, bleak economic prospects, soaring agricultural input costs and export restrictions continue to pose challenges to global food commodity market stability. Supply limitations and high inflation could cause prices to strengthen while a slowing global economy will likely increase price sensitivity.

However, the higher prices will lead to a substantial increase in the value of trade. Much of this growth will stem from record-breaking salmon prices in the first half of the year and sustained high prices for whitefish and small pelagics. Overall, the value of global trade is projected to increase from $174.8 billion in 2021 to $193.5 billion in 2022, which would represent a surge of 10.7%.

Read: Australian seafood prices at record highs