Boom in taste for octopus squeezes market

BUEU, Spain — Whether it’s spiced in the Spanish style or sliced as Japanese sashimi, octopus as a dish is becoming a victim of its own popularity.

Prices have about doubled in the past two years due to a global boom in appetite for these classic dishes. And supplies have tightened, with fisheries not yet able to farm octopus and relying on ocean currents to yield a good harvest.

This year has been hard, with lower catches in major producing countries such as Morocco and Spain.

“The price will rise even more,” says Carmen Torres Lorenzo, who has been selling fish for three decades in the market of Bueu in Spain’s northwestern region of Galicia.

The price of a regular size, locally caught octopus has risen from about 7 euros to 14 euros per kilogram (from $8 to $16 for 2.2 pounds) in the last two years. The price is typically somewhat higher in other countries, such as the U.S., that do not specialize in its fishing.

The Food and Agriculture Organization says prices are expected to continue to grow as demand has risen in all major markets, including Japan, the United States, China and Europe. Meanwhile, catches have been limited.