Of all the finfish landed in the EU, hake (Merluccius merluccius) has the highest first-sale value – reaching a 10-year peak of EUR 583 million (USD 637.7 million) in 2014, based on a record volume of 169,700 metric tons (MT). Hake is also the most important fish species consumed in Spain with retail sales of “la merluza,” as it is known locally, now reaching almost EUR 780 million (USD 853.2 million). Indeed, Spain’s hake consumption averages 3.5 kg per capita, which is more than three times its consumption of cod or salmon.
By comparison, in Europe’s next two biggest markets for the fish – France and Portugal – the trade is a much more modest EUR 43 million (USD 47 million) and EUR 30 million (USD 32.8 million), respectively.
The trade has been underpinned by the EU recovery plan for European hake, which was implemented in 2004 and has led to a strong recovery. There are two separate stocks of the species in EU waters: The northern stock is the most abundant and is found in the North Sea, Skagerrak, and off the Atlantic coasts of the United Kingdom, Ireland and France, while the smaller southern stock is located off the Atlantic coasts of Spain and Portugal.
For 2017, the recommended total allowable catch (TAC) for the northern stock is 123,777 MT (up from 108,784 MT this year) and the southern stock is 8,049 MT (up from 6,078 MT).
In Spain, there are two distinctive markets for hake: large fish and small fish. The average retail price of larger hake (above 2 kg) is approximately 40 percent higher than for smaller fish, averaging EUR 15.07 (USD 16.49) per kg in the first seven months of this year, which was 2 percent lower than during the same period of 2015. The average price for hake under 2 kg in the same period decreased by 1 percent year-on-year to EUR 9.15 (USD 10.01) per kg. Around 75 percent of hake purchases are fresh.
To meet the high demand for this whitefish, Spain imports significant volumes to supplement domestic landings. For example, last year it imported around 40,000 MT of product from Namibia.
