The prices of Norwegian salmon have appreciated by 41% in Q1 2024 in comparison to those of Q1 2023.

The three-month appreciation has been driven by week by week marginal price increases. By week 2, April 2024, for instance, the average price had increased to NOK 137.41 ($12.41) per kg, up from NOK 135.28 ($12.22). 

Waning farmed salmon quantities is partially the reason for the export price rise. For example, quantities for week 1 of April 2024 dropped by 0.9% from the corresponding week in 2023. While shipments in week 1 of 2024 reached 11,687 tonnes, those of week 1 of April 2023 had hit 11,796 tonnes.

Sales in week 2 of April 2024 by size categories also weighed in, with all categories showing unit price increases.

Salmon weighing 1 to 2 kilograms represented 0.7% of the sales and averaged NOK 104.52 ($9.45), up from week 1’s NOK 103.37 ($9.34) a kg.

Fish in the weight range of 4 to 5 kilos represented 26.04% of all sales. They sold at NOK 139.29 ($12.58) per kg, a hike from week 1’s average of NOK 136.22 ($12.31) per kg. 

The largest salmon group weighing up to 7 kilograms apiece represented 12.94% of trade volume, during week 2 of April. Their price increased to a median NOK 139.94 ($12.65), up from week 1’s average of NOK 133.38 ($12.05) a kg.

Norwegian Salmon Futures Count In

Due to its affinity for long-term storage in frozen form, salmon is among the few seafood produce that attract trade in futures. This means traders can hold onto a given quantity of salmon over time and await a price change on the ground. 

As of April 2024, futures in Norwegian salmon were lower than the export price on the ground.  On April 18, the futures price was NOK 90.3 ($8.16), at a time when the export price was NOK 137.41 ($12.41).

Futures predictions on April 18 2024, for Q2 2024, however, show an increase in trade prices to NOK 119.30 ($10.78) per kg.

Norway Leads World Exports of Fresh Salmon

As speculators watch the price climb of Norwegian salmon, Norway continues its reign as the world’s main supplier of salmon.

In 2022, the country held a 48.3% share in fresh or frozen salmon exports globally, worth NOK 100 billion ($9.044 billion).

Norwegian salmon accounted for 70% of all seafood exports from Norway in 2022 that were worth NOK151.4 billion ($13.7 billion). This explains why price monitoring is quite important in the salmon sector.