In W25 in the salmon landscape, the global salmon market is expected to reach USD 76.16 billion by 2028, with a CAGR of 3.7% from 2021 to 2028. Asia-Pacific dominated the market in 2020, with Europe following closely behind. The salmon market is expected to grow significantly due to increasing consumer awareness and health-conscious consumers. In May 2023, Norway exported 82.1 thousand tons of salmon worth USD 889.6 million (NOK 9.6 billion), with a value increase of USD 111.2 million (NOK 1.2 billion) compared to 2022. The largest markets for salmon were Poland, the USA, and Denmark. However, the EU saw a 6% decrease in their exports, with fresh whole salmon dropping to 44.8 thousand tonnes. Asia saw a 22% increase in salmon exports, with China being the largest market. The grocery trade for fresh salmon for home consumption is increasing, with exports to South Korea and Thailand also rising. Norway's fresh salmon exports decreased by 5% in W24 but increased by 14% YoY to 17.4 thousand mt. Norwegian salmon prices rise after recent falls, but market sources struggle to accurately depict the increase due to buyer reluctance. Norwegian fresh salmon HON price declined 15.22% WoW in W24, to USD 8.88/kg. The export quantity also decreased by 5% WoW by 940mt. Salmon futures contracts for Q3 and Q4 2023 were traded at USD 8.86/kg.
In Q1 2023, the Chilean salmon farming industry exported 268.9 thousand WFE tons, resulting in a 1% growth in volume and 7% in export earnings. AquaChile group led in volumes with 41.1 thousand WFE tons, while Salmones Austral showed strong growth with 39.2 thousand WFE tons and USD 274 million. Cermaq Chile expanded with 32.9 thousand tons, producing USD 248 million, but seasonal coho salmon exports distorted the data. Multi X achieved a 33% increase in volume and 27% in returns, while Mowi Chile saw a 7% increase in volume and 22% in returns. Chilean salmon and trout shipments to China increased by 16% in Q1 2023. Salmon exports to China declined during the COVID-19 pandemic, but have rebounded over the past 18 months. Further, the U.S. appeals court has halted a lower court ruling that would have shut down southeast Alaska's chinook salmon troll fishery for summer to protect endangered orca whales. The court ruling allows the chinook salmon season to resume in W26, supporting 1.5 thousand fishery workers. The Wild Fish Conservancy warns of the economic, ecological, and cultural costs of losing West Coast Chinook salmon and Southern Resident killer whales.
Russia's salmon market experienced a dramatic price drop due to surging Chilean imports, abundant wild harvests, and fading consumer demand. Market experts predict a 5-7% decrease in per capita seafood consumption in the coming years. On June 5, 2023, it was reported that the salmon fishing season began in Primorsky Krai, with the regional commission catching 240.3 tons of pink salmon and 57.3 tons of salmon. Salmon season in Far East Russia has increased by 43% compared to 2021, with total processing of over 3.6 thousand tons.
