Norway’s salmon market looks bright

Although most Norwegian industries are fighting against the current of the ongoing economic crisis, one sector is doing better than ever. The country’s salmon farmers are enjoying some of their best business in history, heralding what could become a ‘Golden Age’ for the industry.

In 2008, Norwegian salmon and trout farmers exported fish worth an estimated NOK 20 billion, a record high. The Norway Post reports that this year’s production looks set to increase by up to 15 percent, even as fish production worldwide is on the decline.

Market prices for salmon have jumped 30 percent over the past year, and are now standing at record highs. Industry analysts expect these prices to remain steady for years to come.

Kolbjorn Giskeodegard, a senior analyst for Nordea Markets, believes, “Norway will remain a superpower within the salmon industry for years to come. I want to quote a Chilean analyst who said that the Norwegian salmon industry is heading for a ‘Golden Age’, and I believe he is right.”

Chile has traditionally been the world’s main supplier of salmon, especially to the United States. But the South American nation’s salmon industry has been severely damaged by the contagious ISA virus, which is depleting their stocks.

This has allowed Norway to step in and fill the void in the market left by Chile’s decline. Norway is the second largest supplier to the US market.