Norwegian salmon price passes NOK 100 per kilo

The spot price for salmon increased by NOK 13.51 from week 13 to week 14 and ended at NOK 100.88 (£8.78) per kilo.

Not only was it by far the highest spot price ever, but it was also the biggest jump in a week.

The price is NOK 34.57 per kilo higher than in the same week last year.

The average price so far this year is NOK 80.92 per kilo, compared to NOK 53.73 per kilo at the same time in 2021.

High demand, lower supply

Fish Farming Expert’s Chilean sister site, Salmonexpert.cl, has reported that Gorjan Nikolik, seafood analyst at Rabobank, expects that worldwide salmon prices will only cool marginally during 2022 for two reasons.

“First of all, the current high prices are largely due to demand - foodservice demand recovery in addition to strong retail demand,” said Nikolik. “There is a general rise in prices, especially among seafood, but also among comparable meat products, so the high prices in relative terms are not that high.

“Secondly, there is a limited supply of salmon in 2022. If we take into account that in 2021 Chile released its entire inventory (of frozen salmon accumulated during 2020), there is a strong decrease in the availability of salmon from Chile in 2022. Coincidentally, and for different reasons, there is negative supply growth in Norway, Canada, the UK and the Faroe Islands. Overall, this year we will have the biggest decline in salmon supply since 2016.”