Opinion
W17: Salmon Update
Published May 5, 2023
In W17 in the salmon landscape, Chilean aquaculture of salmon, trout, and mussels, is driving exports from the Los Lagos Region, which grew by 7% in the first quarter of 2023. Salmon and trout sales reached USD 1.537M, and mussels reached USD 70M. Other relevant products exported included fish oil and carraghenin. The price of fresh Chilean Atlantic salmon fillets in the US decreased in W17 to USD 6.05-6.25/lb for 2/3 lbs and USD 6.15-6.35/lb for 3/4 lbs. May 1st is a Chilean holiday for Labor Day that could affect production and offers for W18. Fresh salmon prices in Norway have risen to near record levels, with prices rising by over 6% in W16 to USD 11.32/kg (NOK 120.57/kg), which stabilizes in April 2023. The cost of Norwegian fresh salmon HON with a size range of 3-6 KG FCA Oslo increased by 2.51% in W16 of 2023, reaching USD 11.92/kg. However, the export volume increased by 5%, but the overall export trends for fresh salmon HON have maintained a similar pattern to last year. The average weekly selling price index for fresh Atlantic Norwegian premium salmon, gutted with head, increased to USD 10.61/kg (NOK 122.63/kg) in W16. The Norwegian government's plan to impose a 35% tax on the salmon farming sector could lead to M&A. In Russia, the recommended catch of Pacific salmon is 512KT for the fishermen from Kamchatka and Chukotka in 2023. The head of the Federal Agency for Fishery, Ilya Shestakov, held a control meeting to organize salmon fishing in the Far East. The Far Eastern Scientific and Fisheries Council adopted regional strategies for salmon fishing, taking into account territorial specifics. Grieg Seafood Newfoundland plans to harvest its first market-sized fish from Placentia Bay this fall, creating hundreds of jobs. However, the company's plan for processing the fish is drawing criticism. Lastly, the global salmon market is expected to reach USD 37.40B in 2027 due to its high-quality protein, vitamins, minerals, and omega-3 fatty acids.