2024 was standout year for salmon and trout, says analyst

Stronger biomass, rising exports, and improved biological performance marked a standout year for salmon and trout in 2024, with robust growth in Norway driving industry momentum, according to a weekly summary from market analytical firm Kontali.

The standing biomass of Atlantic salmon in Norway showed steady growth in December 2024, marking an increase over the same period in 2023, wrote Kontali salmonids analyst Mathilde Setnes. 

Large trout also posted notable gains, reflecting stronger year-on-year performance. 

Average weights for both species surpassed those of the 2023 generation, highlighting improved biological conditions.

Improved FCR

December brought a boost to salmonid feed sales in Norway, with sales volumes significantly higher than in the same period in 2023. This increase contributed to improved feed efficiency and feed conversion ratio (FCR) in the final quarter, reinforcing positive production trends.

Norwegian salmon exports continued their momentum in early January, with a surge in fresh whole salmon shipments to the United States, Southern Europe, and Asia.

Asian markets, in particular, saw exceptional growth, driven by demand ahead of Chinese New Year celebrations. 

Meanwhile, exports of fresh salmon to European Union countries that process salmon experienced a year-on-year decline.

Scotland

Improved biological performance in Scotland during the latter half of 2024 led to reduced monthly mortality rates and higher harvest weights, wrote Setnes. 

However, expectations for 2025 remain more cautious, with growth likely to decline moderately after this strong performance.