In W36 in the salmon landscape, the global frozen smoked salmon market is projected to reach a value of USD 2.4 billion in 2023, and it is anticipated to grow to USD 4.8 billion by 2029, with a compound annual growth rate (CAGR) of 6.11% during the forecast period from 2023 to 2029.
Nasdaq Salmon Index indicates that Norwegian salmon prices have continued to decrease, with average prices dropping by over 10% over the past month and 35% in the past three months. The average price of Norwegian salmon dropped to USD 6.61 per kilogram (NOK 70.61/kg) in W35, a decrease from USD 6.67/kg (NOK 71.16/kg) the previous week. However, lower prices pushed higher sales, with the country's export volume rising by 1.1 thousand metric tons (mt) to 25.2 thousand mt in W35. Moreover, Norwegian salmon export volume increased by 6% year-over-year (YoY) and export value by 18% YoY in Aug-23, with farmers selling 125 thousand mt worth USD 1 billion (NOK 10.7 billion). Poland, the United States (US), and the Netherlands were the biggest markets for salmon in Aug-23.
Chilean salmon farming experienced significant growth in export figures for the first eight months of 2023, with a 2.6% increase in value and a 5% increase in volume compared to the same period in 2022. In Aug-23, Chilean salmon exports experienced a notable surge, reaching 62.12 thousand tons valued at USD 529 million. This represented a 13% increase in volume and a 10% increase in value compared to Jul-23. The primary export markets include China, Mexico, Brazil, and the US. China imported 30.85 thousand tons of Chilean salmon worth USD 227 million, a 94% YoY increase in volume and a 91% YoY increase in returns. Mexico received 13.29 thousand tons of Chilean salmon valued at USD 146 million, a 15% increase in volume and a 14% increase in returns compared to 2022. The US has led Chilean salmon exports with 169.37 thousand tons exported for USD 1.9 million, a marginal decrease in volume and 2% in value compared to the same period in 2022.
Lastly, Salmon prices in the Kamchatka Territory will drop significantly in Sep-23 with the launch of the "Kamchatka Fish" project by major national retail chains in Russia. Retailers will purchase salmon directly from fishermen and sell them with minimal margins, reducing salmon prices by 10% to 25%. The first batch of salmon, comprising sockeye and chinook, will initially be available on Globus' shelves and hypermarkets followed by mid Sep-23. The project has established direct communication with Far East fishermen, bypassing intermediaries and ensuring high-quality products. The Association of Retail Trade Companies (AKORT) reports that most federal retailers are interested in cooperating with quality suppliers, including direct deliveries from producers. Fish supply negotiations are being conducted with fishing companies in the Kamchatka Territory, including Tymlatsky Fish Processing Plant, Okeanrybflot, Ozernovsky Fish Canning Plant No. 55, and Ustkamchatryba.
