Expana by Liz Cuozzo, June 11, 2026

ANALYSIS: Tight Pacific Halibut Supply Conditions Continue to Shape the Market

The Pacific halibut market has remained firm through the early months of the 2026 season, with prices holding near the elevated levels reached at the close of 2025. Support continues to come from an exceptionally tight supply outlook, as the 2026 coastwide quota of 29.33 million pounds represents the lowest total allowable catch in the fishery’s more than 100-year history. Even so, signs of price fatigue have begun to surface, as buyers show greater resistance to historically high Pacific halibut values.

Poor weather in Alaska was a key factor during May, disrupting fishing activity and slowing landings during an important early-season stretch. At the same time, boat prices paid to fishermen climbed into the $10.00 range and remained at record levels, underscoring both the tight supply backdrop and elevated replacement costs. According to the International Pacific Halibut Commission, year-to-date landings through Week 21 were down 14.6 percent, reinforcing the constrained production profile at the start of the season.

Atlantic halibut has added another layer to the broader complex. Prices moved sharply higher in May, with values reaching $14.25/lb. and briefly rising above Pacific levels, highlighting just how tight halibut availability became across both coasts. Although Atlantic prices have since begun to ease, constrained Pacific supply and fluctuating Atlantic landings should continue to keep the overall market well supported. The economics of freezing product at these elevated price levels remain challenging, particularly when storage costs are high, and confidence in end-user demand is limited. Taken together, those factors should limit aggressive inventory building as the season progresses.

From Tradex, June 8, 2026

Atlantic Halibut Closing the Gap as Pacific Halibut Supply Tightens

June 8, 2026 – As the 2026 Pacific halibut season moves into its third month, harvest volumes continue to trail last year’s pace while fishermen operate under a reduced, record-low catch limit. Meanwhile, Canada’s wild Atlantic halibut fishery has received an increase in its Total Allowable Catch, raising the prospect that Canadian wild-caught Atlantic halibut landings could approach parity with West Coast wild Pacific halibut harvests this year.

In the latest tally, Pacific halibut landings have reached just under 4.9 million pounds, roughly 1 million pounds behind the same period last year and representing only 21 percent of this year’s record-low fishery limit. The International Pacific Halibut Commission (IPHC) reduced the 2026 Total Constant Exploitation Yield (TCEY) to 29.33 million pounds—nearly 10 million pounds below levels seen five years ago and one of the lowest catch limits in the history of the fishery.

Based on current harvest trends, this year’s net-weight Pacific halibut harvest could finish just shy of 20 million pounds, extending another year of extremely tight supply in an already constrained market. For buyers, the story remains largely unchanged: demand continues to outpace available supply, and the reduced harvest is expected to keep markets firm throughout the season.

At the same time, Canada’s Atlantic halibut fishery has expanded steadily, with the Total Allowable Catch increasing from approximately 12 million pounds in 2019 to nearly 19 million pounds for the 2026–2027 season. As Pacific halibut harvests face record-low catch limits, Atlantic halibut is emerging as a viable alternative supply source, with Canadian production now approaching Pacific halibut volumes.

Canadian Atlantic halibut is widely recognized as a sustainable seafood choice, supported by Marine Stewardship Council (MSC)-certified fisheries. From a culinary perspective, Atlantic halibut is often described as slightly richer and more robust in flavor, while Pacific halibut is prized for its lean, mild, subtly sweet flesh and clean, flaky texture. For many applications, the two species can be used interchangeably, giving buyers additional flexibility in a tight supply environment.

Beyond Canada, Norway has historically harvested up to 8 million pounds of wild Atlantic halibut annually, although recent landings suggest production may have slipped closer to 5–6 million pounds in 2025. Combined, Canadian and Norwegian Atlantic halibut harvests would exceed current West Coast Pacific halibut production, underscoring the growing importance of Atlantic halibut as a supply source in an increasingly constrained global halibut market.

As for supply, new-season frozen Pacific halibut remains exceptionally scarce during the early months of the fishery, as most landings continue to flow into the fresh market. Last year, fresh demand absorbed the bulk of production through September, and we expect a similar trend in 2026.

For North American buyers, the outlook remains clear: Pacific halibut supplies are expected to remain tight, prices are likely to stay firm, and opportunities to secure frozen inventory will be extremely limited.

Our recommendation is to secure your Pacific halibut requirements with suppliers as early as possible to improve your chances of obtaining product. At the same time, buyers should evaluate Atlantic halibut as an alternative source of supply, particularly as Canadian Atlantic halibut harvests continue to expand while Pacific halibut availability remains constrained.

Credit: Journal of Northwest Atlantic Fishery Science