Norway: Smoked Salmon Market 2024

Smoked Salmon Market Size in Norway

After two years of growth, the Norwegian smoked salmon market decreased by -96.2% to $X in 2022. Over the period under review, consumption saw a abrupt shrinkage. As a result, consumption attained the peak level of $X, and then contracted markedly in the following year.

Smoked Salmon Production in Norway

In value terms, smoked salmon production dropped sharply to $X in 2022 estimated in export price. Overall, production showed a drastic downturn. The pace of growth appeared the most rapid in 2014 with an increase of 239%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Smoked Salmon Exports

Exports from Norway

In 2022, shipments abroad of smoked pacific, atlantic and danube salmon increased by 20% to X tons, rising for the second consecutive year after two years of decline. Overall, exports showed a relatively flat trend pattern. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, smoked salmon exports soared to $X in 2022. In general, total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +65.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Australia (X tons) and Saudi Arabia (X tons) were the main destinations of smoked salmon exports from Norway, together accounting for 42% of total exports. Italy, Sweden, Germany, Switzerland, Austria, Singapore, Jordan, Hong Kong SAR, Latvia and Spain lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Latvia (with a CAGR of +71.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for smoked salmon exported from Norway were the United States ($X), Australia ($X) and Italy ($X), together comprising 44% of total exports. Saudi Arabia, Switzerland, Austria, Sweden, Singapore, Jordan, Germany, Hong Kong SAR, Latvia and Spain lagged somewhat behind, together comprising a further 35%.

In terms of the main countries of destination, Latvia, with a CAGR of +87.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average smoked salmon export price stood at $X per ton in 2022, growing by 4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2016 an increase of 22% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Smoked Salmon Imports

Imports into Norway

After two years of decline, supplies from abroad of smoked pacific, atlantic and danube salmon increased by 0.6% to X tons in 2022. In general, imports enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 124% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, smoked salmon imports surged to $X in 2022. Over the period under review, imports enjoyed a strong expansion. The growth pace was the most rapid in 2013 with an increase of 173%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Sweden (X tons), Denmark (X tons) and Finland (X tons) were the main suppliers of smoked salmon imports to Norway, together accounting for 97% of total imports. These countries were followed by Poland, which accounted for a further 1.8%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +57.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and Finland ($X) were the largest smoked salmon suppliers to Norway, together comprising 97% of total imports. Poland lagged somewhat behind, comprising a further 1.4%.

Poland, with a CAGR of +49.5%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average smoked salmon import price amounted to $X per ton, increasing by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2013 an increase of 45%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Denmark ($X per ton) and Sweden ($X per ton), while the price for Poland ($X per ton) and Finland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+4.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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