Cuttlefish Price Trend and Forecast 2026-2027

Italy paid the most for cuttlefish in Q3 2026: USD 7.20/KG, down 1.0% from USD 7.27/KG in Q2. Import costs, strong demand from restaurants and fish markets and a preference for fresh and frozen whole fish keep Italian prices above the other three markets. Worldwide, the average fell 1.2% to USD 5.80/KG from USD 5.87/KG, mostly because larger landings and higher stocks in cold storage led exporters and importers to lower prices in all four markets. What about Q4 2026? We expect a global average somewhere in the USD 5.54-6.00/KG range, with landings, fuel costs, stocks in cold storage and demand from restaurants and fish markets doing most of the work.

Cuttlefish is a soft-bodied marine animal related to squid and octopus, caught by trawlers, traps and lines and sold fresh or frozen. It is eaten grilled, fried or stewed in its own ink, and the ink is used in pasta and rice dishes. Prices in this report refer to frozen whole cuttlefish at import or export level and are quoted per kilogram. They depend on landings, fuel costs, stocks and demand from restaurants and retailers.

Thailand, Vietnam, India, China and Mauritania supply much of the world catch, and Spain and Italy are among the largest buyers. Boats freeze the catch at sea or land it for processing at coastal plants. Landings change from year to year with sea temperature and fishing rules, and prices vary with size, with larger animals selling for more.

Cuttlefish Price Forecast for 2026

Prices should ease slightly through the rest of 2026. Landings are larger and cold storage holds ample stocks, but demand before the holiday season and firm fuel costs limit the size of the decline. A year ago the global average was USD 5.72/KG, and the latest quarter, at USD 5.80/KG, is 1.4% higher.

Risks to the Q4 outlook lean to the downside. What could push prices higher? Smaller landings, higher fuel costs or stronger holiday season demand would lift prices. What could pull them lower? Larger landings, higher stocks or weaker demand from restaurants would lower prices.

For the Quarter Ending September 2026

Cuttlefish Prices Q3 2026:

• Thailand: USD 4.60/KG
• Vietnam: USD 5.10/KG
• Spain: USD 6.30/KG
• Italy: USD 7.20/KG

Cuttlefish Prices in Thailand

The Q3 2026 average for Thailand stood at USD 4.60/KG, a decrease of 1.5% on the USD 4.67/KG recorded in Q2. Thai prices fell as the landings of cuttlefish increased. Against the USD 4.52/KG recorded in Q3 2025, the current average represents a 1.8% increase. Thailand ended the quarter 20.7% below the group average of USD 5.80/KG.

Why did the price of Cuttlefish change in Q3 2026 in Thailand?

Thailand declined. Landings of cuttlefish increased, exporters lowered prices, and demand from processors was soft. From USD 4.58/KG at the close of 2025 to USD 4.60/KG in Q3 2026, the price in Thailand has risen 0.4%, and the global average has risen 0.5%. The global average shifted 1.2% lower in the same quarter.

Cuttlefish Prices in Vietnam

Vietnam registered a 1.4% decrease in Q3 2026, taking the average to USD 5.10/KG from USD 5.17/KG in Q2. Vietnamese prices fell as the landings of cuttlefish increased. The Q3 2025 average of USD 5.03/KG puts the current price 1.4% above its level a year earlier. The price in Vietnam was 12.1% below the group average of USD 5.80/KG in Q3 2026.

Why did the price of Cuttlefish change in Q3 2026 in Vietnam?

Vietnam declined. Landings of cuttlefish increased, exporters lowered offers, and demand from exporters was soft. Across the first three quarters of 2026, Vietnam has moved up 0.4% from USD 5.08/KG in Q4 2025 to USD 5.10/KG, against a 0.5% gain for the global average. Across the four markets the average was 1.2% lower on the quarter.

Cuttlefish Prices in Spain

Spain softened 1.1% to USD 6.30/KG in Q3 2026, from USD 6.37/KG in Q2. Spanish prices eased as arrivals of cuttlefish increased. Year on year, the average is 1.4% higher, against USD 6.21/KG in Q3 2025. The gap to the four-market average of USD 5.80/KG was 8.6% above for Spain.

Why did the price of Cuttlefish change in Q3 2026 in Spain?

Spain eased. Arrivals of cuttlefish increased, importers lowered prices, and demand from restaurants and retailers was soft. Year to date, Spain is 0.5% higher than the Q4 2025 level of USD 6.27/KG, while the global average is 0.5% higher. On the global measure the average was 1.2% lower over the quarter. This represents a quarter-on-quarter change of 1.1% for Spain.

Cuttlefish Prices in Italy

In Q3 2026, the average price in Italy fell 1.0% to USD 7.20/KG, compared with USD 7.27/KG in Q2. Italian prices eased as arrivals of cuttlefish increased. The current level is 1.3% above the Q3 2025 average of USD 7.11/KG. Relative to the four-market average of USD 5.80/KG, Italy traded 24.1% above in Q3 2026.

Why did the price of Cuttlefish change in Q3 2026 in Italy?

Italy eased. Arrivals of cuttlefish increased, importers lowered prices, and demand from restaurants and fish markets was soft. Over the first nine months of 2026 the price in Italy has risen by 0.6%, which compares with a 0.5% gain in the global average. For comparison, the global average moved 1.2% lower over the same quarter.

For the Quarter Ending June 2026

Cuttlefish Prices Q2 2026:

• Thailand: USD 4.67/KG
• Vietnam: USD 5.17/KG
• Spain: USD 6.37/KG
• Italy: USD 7.27/KG

Cuttlefish Prices in Thailand

In Q2 2026, the average price in Thailand rose 1.1% to USD 4.67/KG, compared with USD 4.62/KG in Q1. Thai prices rose as the demand from processors strengthened. The Q2 2026 average is 5.2% above the USD 4.44/KG recorded in Q2 2025. Thailand finished Q2 2026 20.4% below the four-market average of USD 5.87/KG.

Why did the price of Cuttlefish change in Q2 2026 in Thailand?

Thailand rose. Demand from processors strengthened, fuel costs went up, and exporters lifted prices. This followed a 0.9% gain in Q1 and left Thailand 5.2% above its Q2 2025 average of USD 4.44/KG. The price then partly reversed in Q3, to USD 4.60/KG. For comparison, the global average moved 1.0% higher over the same quarter.

Cuttlefish Prices in Vietnam

Vietnam's average moved up 1.0% in Q2 2026, to USD 5.17/KG from USD 5.12/KG in Q1. Vietnamese prices rose as the demand from exporters strengthened. Compared with Q2 2025, when Vietnam averaged USD 4.95/KG, the current price is 4.4% higher. The four markets averaged USD 5.87/KG in the quarter, so the price in Vietnam was 11.9% lower.

Why did the price of Cuttlefish change in Q2 2026 in Vietnam?

Vietnam rose. Demand from exporters strengthened, labor costs went up, and exporters lifted offers. After a 0.8% gain in Q1, the quarter closed 4.4% above the USD 4.95/KG recorded in Q2 2025. Part of the move was reversed in Q3, leaving the price at USD 5.10/KG. The global average shifted 1.0% higher in the same quarter.

Cuttlefish Prices in Spain

Prices in Spain firmed 1.0% in Q2 2026 to USD 6.37/KG, compared with USD 6.31/KG in Q1. Spanish prices rose as the demand from restaurants strengthened. Measured against Q2 2025, when the average stood at USD 6.11/KG, the market is 4.3% higher. In comparison with the average of USD 5.87/KG across the four markets, the price in Spain was 8.5% higher.

Why did the price of Cuttlefish change in Q2 2026 in Spain?

Spain rose. Demand from restaurants strengthened, import costs went up, and importers lifted prices. This came on top of a 0.6% gain in Q1, and the average ended 4.3% above its level of a year earlier, when it stood at USD 6.11/KG. Q3 reversed some of the change, with the price at USD 6.30/KG.

Cuttlefish Prices in Italy

Italy recorded a 0.8% gain in Q2 2026, with the average reaching USD 7.27/KG against USD 7.21/KG in Q1. Italian prices rose as the demand from restaurants strengthened. In Q2 2025 the average was USD 7.03/KG, so the market is 3.4% higher on a yearly basis. Italy ended the quarter 23.9% above the group average of USD 5.87/KG.

Why did the price of Cuttlefish change in Q2 2026 in Italy?

Italy rose. Demand from restaurants strengthened, labor costs went up, and importers lifted prices. Q1 had brought a 0.7% gain, and by the end of Q2 the price was 3.4% above the Q2 2025 average of USD 7.03/KG. The price then partly reversed in Q3, to USD 7.20/KG. On the global measure the average was 1.0% higher over the quarter.

Quarterly Cuttlefish Price Trends

Cuttlefish prices rose through 2025 and the first half of 2026 before easing in the third quarter in all four markets. The global average moved from USD 5.56/KG in Q1 2025 to 5.63 in Q2, 5.72 in Q3 and 5.77 in Q4, then 5.81 in Q1 2026, 5.87 in Q2 and 5.80 in Q3, a net gain of roughly 4.3% across the window. Higher fuel and labor costs and steady demand from restaurants lifted prices for five quarters, and larger landings caused a decline in the third quarter.

What was Cuttlefish Price in 2025?

2025 was a year of gradual increases for cuttlefish, with prices rising in each quarter in all four markets. Starting near USD 5.56/KG in Q1, the global average finished the year at 5.77 in Q4, a gain of about 3.8%. Higher fuel and labor costs and steady demand from restaurants supported exporters throughout the year.

Cuttlefish Prices in Thailand in 2025

In Thailand, prices moved from about USD 4.36/KG in Q1 2025 to USD 4.58/KG by Q4, up roughly 5.0%. Thai prices rose gradually as fuel costs and demand from processors increased. At USD 4.60/KG in Q3 2026, Thailand stands 0.4% above its Q4 2025 close. The same regional pattern is carried into the quarterly analysis above, where the quarter-by-quarter figures can be traced.

Cuttlefish Prices in Vietnam in 2025

In Vietnam, prices moved from about USD 4.88/KG in Q1 2025 to USD 5.08/KG by Q4, up roughly 4.1%. Vietnamese prices rose gradually as the labor costs and demand from exporters increased. The Q4 2025 close of USD 5.08/KG compares with USD 5.10/KG in Q3 2026, a 0.4% increase. The quarterly sections above show how the annual average developed over the year.

Cuttlefish Prices in Spain in 2025

In Spain, prices moved from about USD 6.03/KG in Q1 2025 to USD 6.27/KG by Q4, up roughly 4.0%. Spanish prices rose gradually as import costs and demand from restaurants increased. Relative to the end of 2025, the price in Spain is 0.5% higher at USD 6.30/KG. The quarterly breakdown above allows each stage of that path to be traced.

Cuttlefish Prices in Italy in 2025

In Italy, prices moved from about USD 6.96/KG in Q1 2025 to USD 7.16/KG by Q4, up roughly 2.9%. Italian prices rose gradually as the labor costs and demand from restaurants increased. By Q3 2026 the average for Italy had reached USD 7.20/KG, 0.6% above the Q4 2025 close. The same regional pattern is carried into the quarterly analysis above, where the quarter-by-quarter figures can be traced.

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We keep a continuous eye on cuttlefish prices wherever it is produced or consumed at scale, tracing causation through landings, sea temperature, fuel costs, size grades and demand from restaurants and retailers. Our forecasts draw on production data, trade flows, input cost trends and demand indicators across all reporting regions, so subscribers see why a price moved and not just that it did. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.