Norway’s seafood industry broke several records in 2024, but the Norwegian Seafood Council (NSC) and members of the seafood industry said to remain prepared for potentially tougher times given multiple uncertainties about the future.
According to NSC statistics, the country exported a record-breaking NOK 175.4 billion (USD 15.5 billion, EUR 14.9 billion) worth of seafood products in 2024 – NOK 3.7 billion (USD 327 million, EUR 315 million) over its exports in 2023. Those increases were in part thanks to solid salmon prices and expanding markets in parts of the world.
Despite that increase, the NSC and multiple figures in the seafood industry – at the NSC’s recent annual conference – cautioned the industry and told it to prepare for tougher times as quota cuts, production challenges for salmon, climate change, geopolitical challenges, and economic turmoil could all change things quickly.
“Many of these challenges will likely continue into 2025, and perhaps for several years to come,” the NSC said in a press release.
The cod fishery is one example where the challenges are all-but-certain to continue. The Barents Sea cod quota was cut by over 30 percent for the 2025 fishing season, which was itself on top of a previous 20 percent cut in 2024. That quota, too, was a far cry from the 885,600 metric ton quota the fishery had in 2021.
The consistent quota cuts showed in the performance of cod in 2024, with the lowest export volume since 2011.
Norwegian Fisheries Association CEO Svein Ove Haugland said fisheries need to obtain a better knowledge base.
“We harvest from nature, and in nature things go in cycles. It is absolutely crucial that scientists understand what is happening in the ocean in order to form a basis for good management,” Haugland said. “We are now on a precipice. That is understandable, but if the knowledge base is too poor, we actually risk prioritizing environmental sustainability at the expense of social sustainability.”
The salmon aquaculture industry also faced challenges in 2024, which the NSC warned could continue into 2025. Norway produced a high percentage of “production” grade salmon in the early months of the year – a grade which is illegal to export due to its low quality. The industry also grappled with extremely high lice loads and biological challenges including influxes of string jellyfish and parasites.
Cermaq Norway CEO Knut Ellekjær said the industry also needs to grapple with animal welfare to maintain its position.
"We as an industry must be honest and say that we are not good enough when it comes to fish welfare and mortality,” Ellekjær said.
Geopolitical challenges could also disrupt Norway’s seafood exports, and U.S. President-elect Donald Trump’s proposed trade policies could cause shifts in seafood sourcing. The U.S. is one of Norway’s top five markets for seafood by value, making a negative shift harmful to the industry.
NSC CEO Christian Chramer said keeping an eye on geopolitical issues is key for the industry given the massive quantity of seafood it exports each year – exports that wouldn’t have a big enough market domestically.
“Even the biggest seafood enthusiasts among us won't be able to eat seafood 7 times a day, day after day,” Chramer said.
Despite the challenges, the NSC said there’s still plenty of positive news on the horizon. Trade deals with Thailand, increased investments in Southeast Asian markets and annual growth in the region, and growing popularity of Norway’s products are all helping the seafood industry grow.
"We produce a product that people need to eat more of in the future. That's why seafood is strong," Ellekjær said.
