Weekly Product Updates

W46 Salmon Update: Salmon Industry Witnesses Production Growth in Russia And Exports Rise in Scotland

Seafood
Salmon
Norway
Russia
Market & Price Trends
Published Nov 26, 2023
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Russia's commercial salmon industry witnessed significant growth

In W46 in the salmon landscape, Russia's commercial salmon industry has experienced a notable 11.4% year-on-year (YoY) growth in 2023. However, total seafood production saw a minor increase of 2% YoY. Salmon production in the Northwestern Federal District significantly contributed to this increase, given the highest growth rate of enterprises in this region. The Government of Moscow has announced an additional subsidy of USD 280 thousand (RUB 25 million) for fish farmers to promote commercial aquaculture production. The grant will remain available until December 20.

Furthermore, according to Russia's Federal Agency for Fishery, the salmon catch in 2023 is expected to be approximately 609 thousand metric tons (mt), with 608 thousand mt already caught. This will mark the second-largest salmon catch in history, followed by the record set in 2018 with a peak of 676 thousand mt. However, the additional production volumes will be insignificant, less than 1 thousand tons.

Norwegian salmon prices remained steady in W46

Norwegian salmon prices remained steady in W46 after a two-week decline. The price of fish weighing 3 to 6 kilograms (kg) is around USD 6.54 to 6.72/kg (NOK 73-75/kg), whereas the price for fish that weigh over 6 kg is approximately USD 6.99 to 7.11/kg (NOK 78-80/kg). Given the supply and demand uncertainties, the future price is unpredictable. However, a local trader in Norway predicts the price may decline slightly in the next few weeks.

Scottish salmon exports saw a 7% YoY increase

From Jan-23 to Sep-23, the Scottish salmon export volume reached 53 thousand mt, a 7% YoY increase, reaching a value of USD 597.5 million (GBP 478 million). Scottish salmon was exported to over 50 countries, particularly to the European Union (EU), which accounts for 60.04% of the total export value. France remains the single largest market in the EU.

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