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of cephalopod aquatic products.
The weakening of the yen against the US dollar was a key factor
in the decline in demand for cephalopod aquatic products in Japan, the company said.
Last month, the yen fell to its lowest level against the dollar since 1998, while the last time the yen was low occurred during
the Asian financial crisis.
in the decline in demand for cephalopod aquatic products in Japan, the company said.
Last month, the yen fell to its lowest level against the dollar since 1998, while the last time the yen was low occurred during
the Asian financial crisis.
Tetsuya Horie, deputy general manager of the cephalopod segment at Maruha Nichiro, said that Japan's cephalopod imports fell sharply between 2016 and 2021 due to a weaker currency, and the company purchased aquatic products such as octopus, squid and cuttlefish from the West African region, mainly Morocco, Mauritania and Senegal, and the purchase fell from 30,000 tons a few years ago to 5,000 tons, a decrease of more than
50% per year.
50% per year.
Juan Carlos Yuste Ramirez, general manager of Maruha Nichiro, said that although the import volume of cephalopods has decreased significantly, the group's revenue has increased year by year, and the total revenue this year is expected to be 7 billion US dollars, an increase of 12%
year-on-year.
year-on-year.
Yuste noted that the Japanese market is more responsive
to price movements than the European market.
Because of the price increase in recent years, the company has had to reduce its purchases of cephalopods, and consumption in the Japanese market has also declined
.
In Japan, about 65% of octopus is sold in supermarkets with a shelf life of only 4 days
.
to price movements than the European market.
Because of the price increase in recent years, the company has had to reduce its purchases of cephalopods, and consumption in the Japanese market has also declined
.
In Japan, about 65% of octopus is sold in supermarkets with a shelf life of only 4 days
.
To maintain a certain price competitiveness, Maruha Nichiro focuses on sourcing smaller octopuses
.
In addition, the company has purchased a large amount of inventory products from several European suppliers this year, but the cost of frozen inventory has also risen due to rising energy prices
.
.
In addition, the company has purchased a large amount of inventory products from several European suppliers this year, but the cost of frozen inventory has also risen due to rising energy prices
.
The price of Moroccan octopus has fallen this year, from 11 euros per kilogram to around 9 euros, "but for the average consumer, octopus is still a luxury item, and this price is still much higher than a few years ago, when it was only 6 euros
.
" ”
.
" ”
Yuste also noted that in Japan, many cephalopod processing plants are facing closure, with some focusing on other cheap varieties, such as squid
.
"For now, the Marucha cephalopod factory is also teetering on the brink of profit and loss
.
"
.
"For now, the Marucha cephalopod factory is also teetering on the brink of profit and loss
.
"
