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Global supply of Atlantic salmon maintained strong y-o-y volume growth in 2021

February 7, 2022

1 mins read

The global harvest of farmed Atlantic salmon increased by an estimated 168,000 tonnes (+6.2%) y-o-y during calendar year (CY) 2021 to 2.88 million tonnes. The growth was driven by robust Norwegian supply, where technological innovation, alongside plentiful feed availability from Jul-Oct ‘21, facilitated larger individual fish. Unseasonably warm seawater temperatures during the second-half of the CY 2022 (H2 2022) also contributed to atypically fast smolt growth. These factors resulted in estimated Norwegian salmon supply increasing by approximately 151,848 tonnes (+11.1%) y-o-y in 2021 to 1.52 million tonnes

Mintec anticipates that Norwegian supply may tighten during the first-half of CY 2022 (H1 2022) versus H1 2021. This is based on a comparatively smaller biomass of 332,400 tonnes present on 1st Jan ‘22, compared to 370,300 tonnes for 1st Jan ‘21. The lower biomass accounts for 10,300 fewer live fish y-o-y on 1st Jan ‘21, despite slightly higher weight per fish (4.1kg in Jan ’22 vs 4.0kg in Jan ’21)

The strong y-o-y growth recorded in Norwegian salmon production during the 2021 CY helped offset lower Chilean supply, which contracted by 72,000 tonnes (-9.3%) during the same period to 706,000 tonnes. This decline came as a reaction to weak demand and profitability in 2020, which prompted Chilean farmers to reduce restocking activities. High fish mortality rates associated with sea lice infestations and algae blooms further stunted Chilean farm yields in 2021. However, Chilean production is expected to accelerate during H1 2022, largely in response to the higher average prices and profitability gains recorded in CY 2021. The likelihood of firm demand from the Americas and Europe provides further impetus for the Chilean supply outlook

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Topics: Fish & Seafood
Ibi Idoniboye
Ibi Idoniboye

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