Norwegian farmed cod continues to gain share as Chinese demand surges

Published 2024년 9월 18일

Tridge summary

Recent data from the Norwegian Seafood Council highlights a notable shift in the market for Norwegian frozen cod. China has emerged as the dominant market, marking a 28% increase in imports year-on-year, while the EU has seen a significant decrease in imports of Norwegian frozen cod, down by 36% in 2024. This reduction in the EU market is compensated by an increase in imports of Norwegian farmed cod, which has grown by 40% this year. This shift is attributed to the declining wild cod supply due to quota restrictions in the Barents Sea, leading to a surge in prices for both wild and farmed cod, as well as other white fish species in Norway. The market outlook anticipates a continued growth in the share of farmed cod in the EU market, alongside rising prices and falling exports of other white fish species.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Recently, the export pattern of Norwegian frozen cod has changed significantly. China's demand for frozen cod has increased significantly, while the EU has gradually relied on farmed cod to make up for the gap caused by the decline in wild fresh cod imports. According to the data of the Norwegian Seafood Council (NSC) in the 36th week (September 2-September 8), China has become the dominant export market for Norwegian frozen cod, while the EU market's demand for Norwegian frozen cod has decreased significantly. China's demand has increased significantly, and prices have risen significantly As of the 36th week, China imported a total of 9,820 tons of Norwegian frozen cod, an increase of 28% year-on-year. Although Norway's overall cod supply decreased in 2024, the import volume in the Chinese market has grown against the trend and has become the largest market for Norwegian frozen cod. Compared with 2023, Chinese buyers are willing to pay higher prices, with the average purchase ...

Source: Foodmate