The seafood industry analysis specialist Kontali has released end-of-year trade data for the farmed salmon industry, giving insight into what may occur within the market during the early months of 2025.
Norway
During December alone, year-over-year export volumes for Norwegian farmed salmon increased by 6 percent, whilst the average annual export price per kg rose by just above 5 percent across the same period.
Despite an apparent increase in both export volume and price, considering the nearly 6 percent depreciation of the NOK/EUR exchange rate, there is little overall change in export value compared to the previous year - a point worth noting when contextualising 2024’s performance.
Chile
Throughout November 2024 exports of salmonids from Chile reached their highest value since the start of that year at USD 617.4 million - a ten percent increase compared to November 2023. This growth in exports and value can be attributed to the high production volumes of coho salmon that typically define November and January, according to Kontali analysts.
During this period, coho export value increased by 21 percent, while the combined growth for Atlantic salmon and trout ranged between 5 and 6 percent. In terms of volume, Atlantic salmon and trout remained stable compared with 2023, at 61,200 and 4,100 tonnes, respectively, while coho volumes grew by 6.5 percent year-over-year to 35,200 tonnes, approaching the record levels of 2022.
Although Atlantic salmon volumes were stable in November 2024, distribution was different from the previous November with US market exports declining by just 6 percent. Exports to other markets fluctuated, with the EU market declining by 30 percent and, notably, Russian markets increasing by 73 percent.
Iceland
In November, Iceland's harvest volume increased by up to 3 percent to 6,000 tonnes, compared to the previous year. Additionally, average harvest weight improved significantly to 5.6 kg, marking a 10-12 percent increase compared to 2023.
