Salmon World 2024

Key highlights from 2024 edition

The 2024 edition is now out, taking a deep dive into several different aspects. Here are some key takeaways from the report:

1. Driven by a strong wild catch season the total supply of salmonids (small trout included) increased by 7% YoY to 5.186.000 tonnes (WFE) in 2023. As for the 2022 the supply of farmed salmonids remained approximately unchanged, with a minor decrease of 1% YoY.

2. For the second year in row the harvest volumes of Atlantic salmon decreased. The change from 2022 was down 2% YoY, to a total volume of 2.79 million tonnes (WFE). The largest producing country Norway produced 1.48 million tonnes (WFE), down 2,5% YoY, while Chile had an increase of 2% YoY to 766.000 tonnes (WFE). Canada had the largest decrease in production, with a decrease of 17% or 23.000 tonnes (WFE) YoY. Russia on the other hand had the largest increase by 9% YoY to 24.000 tonnes (WFE). This is an indication that the country now has mitigated to sanctions in supply of feed and smolts from other countries.

3. Atlantic salmon smolt release in Norway totalled 420 million individuals in 2022, increasing by 5% from 2021. In Chile, Atlantic salmon smolt release amounted to 165 million individuals in 2023, which was a decrease of 2,5% compared to 2022.

4. The production of large trout decreased by 4% YoY to 289.800 tonnes in 2023. While Norway had a stable production, Chiles production decreased by 28% YoY. For other countries only minor changes applied. The global production of farmed coho increased by 18% YoY to 309.000 tonnes, mainly driven by an increased production of 45.000 tonnes (WFE) in Chile.

5. On the supply side it is worth mentioning that the supply of Atlantic salmon to the USA market almost stagnated in 2023 after 7 years of continuous growth. In the largest market for Atlantic salmon, the EU + UK market, the supply decreased by close to 5% YoY to 1.2 million tonnes (WFE). Furthermore, the Japanese market continued to decrease. In 2023, the supply was down 19% YoY. The Russian market has managed to recover after the steep fall caused by the invasion in Ukraine. The supply, mainly driven by Chile increased by 18% YoY.

6. The highlight in wild catch segment was the catch of pink which in 2023 ended at 696.000 tonnes, up 169% YoY. Total catch from wild caught species ended at 1,09 million tonnes (WFE), up 57% YoY. The prices on the other hand went the opposite direction. As an example, the average prices of sockeye from Alaska were reduced by 49% YoY despite a fall in catch of 22% the same period.

7. The top 15 salmon-farming companies in the world represented 66% of global harvest volumes of salmonids in 2023. MOWI controls it position as the largest player, with a 15% share of total volumes of farmed salmonids, which is unchanged from 2022.