2022 Q2 Seafood Report

During the first 23 weeks of the year, Norwegian salmon export prices averaged a record high average price of NOK 87/kg, up by 48% YoY. Thus, Norwegian salmon exports reached a record value of 32.5 billion NOK during the same period. Total exported volume declined by 7% YoY, at 378 thousand mt. Salmon prices have sharply risen on the back of strong demand, higher feed and processing costs and a tighter supply, which is evident in the lower exported volume. The export price of Norwegian salmon peaked at NOK 108/kg (USD 10.8/kg) during the first weeks of May, but has declined in recent weeks as generalized inflation and lower consumer income in real terms might be putting some brakes on demand growth.