September 15, 2023

Fresh salmon prices show first uptick in two months

The declining trend in fresh salmon prices may be reversing, with the most recent data from Statistics Norway revealing a 2.2% increase in prices during week 36, the first price increase in over two months and suggests a potential change in the salmon market, Fish Farmer reported.

During week 36, fresh salmon prices reached NOK 76.81 per kg (~US$7.17; NOK 10 = US$0.93), a noteworthy uptick from the previous week. Export volumes have also remained robust, totalling 25,523 tonnes, indicating sustained demand. This positive development comes after a period of declining prices that began around the end of June.

The peak for fresh salmon prices was recorded towards the end of March, with rates reaching NOK 122 per kg (~US$11.38). Subsequently, prices entered a downward trajectory until the recent reversal.

The surge in export volumes can be attributed in part to robust demand from the US, which has become Norway's fastest-growing market for seafood. Frozen salmon demand has also remained steady, with a 17.6% increase in volume to 527 tonnes and a price rise of 5.9% to NOK 96.35 per kilo (~US$8.99).

As the Christmas season approaches, demand for salmon is expected to increase further, potentially solidifying this positive market shift. Reports indicate that earlier high seafood prices, particularly for salmon, have led to decreased consumer demand. In the UK, retailers have reported declines in both fresh and frozen seafood sales in recent weeks, suggesting that consumers are seeking more affordable protein options. The UK continues to experience significant food inflation, further impacting consumer choices.

-      Fish Farmer