Chilean Atlantic Salmon
The average price for Chilean farmed Atlantic Salmon rose by $0.83/kg (+10.6%) in March 2024, reaching $8.69/kg. However, the price dropped by $0.63/kg (-6.8%) y-o-y. The m-o-m increase may be due to the increased demand during Easter festivities and difficulties reaching the harvest volume target because of microalgae bloom during the warm season and low oxygen levels. Both of these environmental challenges likely disrupted the normal feeding process, resulting in lower growth rates.
Norwegian salmon
The average price of Norwegian Atlantic salmon for March 2024 increased by NOK 0.55/kg (+0.5%) m-o-m, reaching an average price of NOK 115.1/kg. However, the price dropped by NOK 6.61/kg (-5.4%) y-o-y. The reason behind the increase in Norwegian salmon price may be a boost in demand during the Easter holiday. Additionally, Norway has a record-high volume of production fish (low-quality salmon) farm salmon with deformities and injuries. In a normal year, the “superior salmon” (premium quality) accounts for 90% of the harvest. However, this year, the situation is different because the percentage of “production fish” is higher than 10 %. This contributes to upward pressure on prices for premium quality salmon due to lower availability than in the regular year.
Even though the “production fish” meets the requirements for human consumption, the salmon producers in Norway are not allowed to export this product without first processing it in Norway. This industry standard, established in 1999, protects the reputation of high-quality Norwegian salmon. The primary cause of the increase in “production fish” is poor physical condition, which is likely due to inadequate animal welfare resulting from excessive handling during sea lice treatment. The sea lice outbreak has become one of the main issues faced by the salmon industry worldwide.
