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Farmed salmon processing. (Photo: Stock File)

Norwegian salmon hikes led by supply drop and demand growth

Click on the flag for more information about Norway NORWAY
Friday, May 25, 2018, 23:10 (GMT + 9)

Faltering salmon supply combined with booming global demand have led to a record growth in prices for the Norwegian salmon.

Official statistics reveal that salmon demand has increased mainly among more health-conscious consumers and in developing nations like Brazil and China, Bloomberg reported.

“Demand in those countries and elsewhere has been crazy good,” says Gorjan Nikolik, a seafood analyst at Rabobank International Ltd.

Nikolik also explains that the market is also being squeezed from the supply side. Production is taking longer than expected to recover after a disastrous 2016, when salmon stocks around the world were devastated by parasitic sea lice, including in top producer Norway, while toxic “red tide” algae blooms killed millions of fish in Chile, the second largest supplier.

Rabobank analyst points out that this year, cold Norwegian waters meant salmon ate less and stayed smaller and that Chilean farmers have also harvested fish earlier because of concerns about more algae blooms.

On the other hand, Bloomberg Intelligence analyst Alvin Tai states that a weak start to Alaska’s salmon run, when wild fish migrate to the upper reaches of rivers to spawn, is also adding to supply concerns.

Meanwhile, Statistics Norway reveals that  Norwegian salmon prices have almost doubled in the past year to a highest-ever NOK 76.09 (USD 9.41) a kilogram.

Nikolai also stresses that despite the fact that the expectations were for recovery in salmon supply but it did not happen it is not all bad news.

He insists more supplies are expected and prices should ease in time for the summer barbecue season in Europe and North America, when consumers buy more meat and cut back on the fish.
 
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