The worldwide harvest of farmed Atlantic salmon in the fourth quarter of 2018 increased by 4.9 percent year-on-year to 619,500 metric tons (MT). Despite volumes being higher than expected, the prices for the fish and consumption increased in all main markets, according to Mowi.
In its Q4 trading statement, the Bergen, Norway-based salmon producer fomerly known as Mowi stated that the total salmon supply from Norway was flat compared with the corresponding three months of 2017 and in line with guidance at 321,000 MT.
In the same period, the volumes from Scotland (40,600 MT), the Faroe Islands (21,500 MT), Ireland (3,900 MT), Chile (170,600 MT), and North America (40,100 MT) increased by 0.5 percent, 16.2 percent, 5.4 percent, 17.3 percent, and 2.6 percent year-on-year, respectively. There was, however, a reduced volume from Australia (16,500 MT, down 2.4 percent).
Mowi said the number of salmon harvested in Norway was slightly higher than expected in the period, while the average weights declined as a larger share than expected of small-sized fish were harvested. It added that despite increased feed sales in the period, the biomass increase of approximately two percent year-over-year only supports a modest supply increase going forward.
The Chilean increase was driven by more fish being harvested and at heavier weights than forecast, while both the Scottish and North American harvests were in line with guidance.
In local currencies, the average price paid for salmon in Europe in Q4 2018 increased by 12.4 percent year-on-year to EUR 5.78 (USD 6.53) per kilogram, while the prices in Miami (USD 5.05, EUR 5.71), Seattle (USD 3.48, EUR 3.93) and Boston/New York (USD 3.68, EUR 4.16) increased by 6.8 percent, 7.6 percent and 5.4 percent respectively.
At 605,200 MT, the global consumption of the product in the last quarter increased by 4.6 percent.
In volume terms, consumption in the EU increased by 2.5 percent in the Q4 2018 to 274,900 MT. Russia (24,300 MT) also increased its salmon consumption as its sourcing of frozen products from Chile gathered pace.
U.S. consumption increased by 4.6 percent compared with Q4 2017 to 107,700 MT, driven by convenient and consumer-friendly pre-pack products, Mowi said.
Consumption in the Asian market (79,900 MT) increased by 4.3 percent, with the South Korean market growing strongly due to increased fresh and frozen imports from Europe and Chile.
However, Mowi highlighted that a lack of available large-sized fish and certain trade restrictions temporarily impacted salmon consumption in China and Hong Kong.
