Price Inflation Report

Fish & Seafood

Salmon

The Norwegian farmed salmon price increased by NOK 8.0/kg (+14.1%) m-o-m in December 2021,

to NOK 65.0/kg. The price also increased by NOK 20.4/kg (+45.7%) y-o-y, supported by several

factors. Most notably, higher fuel and feed prices buoyed higher cost-driven salmon prices, in

addition to the well-documented freight and logistical disruptions. Tight Chilean salmon supply

provided further price impetus, due to additional demand for Norwegian salmon from the Americas.

Dec 19 Mar 20 Jun 20 Sep 21 Dec 21

Norwegian salmon - NOK/kg

Sep 20 Dec 20 Mar 21 Jun 21

QZ08 - Salmon farm spot ave fca Oslo NO

3.5

4.5

5.5

6.5

7.5

8.5

Chilean salmon - USD/kg

2.5

Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21 Dec 21

8W54 - Salmon farm Atl 10-12lbs fob CL

Mintec's Chilean salmon price dipped by USD 0.25/kg (-3.5%) m-o-m in December 2021, to USD

6.64/kg, attributed to softer demand from the US, which is the main export market for Chilean

salmon. However, the December 2021 prices increased substantially, by USD 2.82/kg (125.7%) y-oy,

reflecting comparatively tight domestic supply, which was partially due to reduced farm

productivity caused by high fish mortality rates. Additionally, weak profitability from the previous year

prompted some farmers to reduce seedstock imports (seedstock refers to juvenile salmon purchased

for commercial aquaculture).

Index