Pico Agriviet Company
SOUTH KOREA: FORMULATED FEED FOR AQUACULTURE TO RISE AGAIN IN THE SECOND HALF OF THE YEAR
As the price of compound feed for aquaculture is expected to rise, aquaculture fishers are sighing deeply.
According to the fish farming industry, it is known that the manufacturers of compounded feed for fish raised the price by 7-8% in April and then notified the industry that they would raise the price again by 7-8% from August 1st. It is the first time in history that the price of compounded feed has been raised twice a year.
Manufacturers claim that it is inevitably to raise the price of compounded feed for aquaculture as international grain prices have skyrocketed due to the war in Russia and Ukraine, fishmeal and oil prices have risen, the dollar exchange rate has risen, and international shipping rates have increased the manufacturing cost of compounded feed.
This price increase will increase the burden on fishermen by about 3,000 won per 20 kg bag. Compared to the same period last year, the price has risen by around 6,000 won. The increase in the price of compounded feed is around 15%, and if fuel and electricity are included, the production cost will increase by 1020%.
The fish aquaculture industry, which has suffered a loss due to a decrease in consumption due to the COVID-19 crisis for more than two years, is expected to face a serious business crisis due to two price hikes.
In particular, it is estimated that the sense of crisis in the inland fish farming industry, such as hyang fish and catfish, which uses only mixed feed, is expected to intensifiers.
The aquaculture industry for se fish such as flatfish and rockfish has promoted the use of formula feed, but they are turning to cheap raw feed due to price increases, and there is also a movement to limit the use of formula feed for the time being.
The inland fish farming industry, such as perch, catfish, trout and eel, is urging the government for policy support, saying it is the first time that prices have been raised twice a year.
Hong-Jun Joo, president of the Federation of Inland Aquaculture Organizations, emphasized, “We understand that the manufacturing cost of compounded feed is rising due to rising oil prices and war, but the government's support measures are urgent for the stability of the aquaculture industry .”
Song Min-gyu, president of the Hyangfish Aquaculture Association, said, “There is a risk that the business crisis caused by the prolonged COVID-19 will worsen due to an increase in the price of compounded feed.
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