W4 Salmon Update: Decline in Norwegian Salmon Prices During W3, Stabilized Salmon and Fishmeal Production Amidst Shrimp Industry Challenges and 2024 Outlook for Farmed Salmon

Published 2024년 2월 1일

Salmon and Fishmeal Production Stabilize, Challenges Loom for Farmed Shrimp During 2024

Global farmed salmon and fishmeal production will stabilize in 2024 due to supply increases and lower prices. However, farmed shrimp faces heavy oversupply, low prices, and weaker Chinese demand. The market's stability is uncertain due to low prices and weak demand. China's shrimp demand rebounded in 2023, but the recovery was slower than anticipated. An increase in domestic supply could dampen import demand.

Salmon to Dominate Aquaculture Trends in 2024

Salmon is expected to remain the most promising aquaculture trend in 2024, with demand for aquacultured shrimp remaining competitive with other animal proteins. Rabobank analysts predict high profitability for the salmon industry in 2024, with increased supply and consistently high demand. The shrimp industry will lose profitability in 2024, with supply expected to explode in Norway, Canada, the United Kingdom (UK), and Iceland.

Nasdaq Salmon Index Reveals Fluctuating Trends in Norwegian Salmon Prices

The Nasdaq Salmon Index (NQSALMON) reported a decline in Norwegian salmon prices during W3 2024. The average price of Norwegian salmon is now USD 9.32 per kilogram (NOK 97.53/kg), reflecting a week-on-week (WoW) decrease of 6.69%. Over the past four weeks, the average per-kilo price of fresh, head-on gutted Atlantic superior salmon from Norway has risen by USD 1.24/kg (NOK 12.93/kg), and over the past 12 weeks, it has increased by USD 1.66/kg (NOK 17.39/kg).

Breaking down the weight categories, salmon between 1 and 2 kg constitutes 1.3% of total sales, and the 2 to 3 kg category makes up 15.31% of total sales. The average per-kilo price of salmon in the 3 to 4 kg range stands at USD 8.52 (NOK 89.13). In the 4 to 5 kg category, there was a WoW decline of USD 0.50/kg (NOK 5.24/kg).

For salmon between 5 and 6 kg, the price increased to USD 11.01 (NOK 115.15), while in the 8 to 9 kg range, there was a decline of USD 0.55/kg (NOK 5.77/kg). This information provides insights into the changing dynamics of salmon prices based on weight categories.