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Salmon prices return to pre-Covid levels

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Farmed salmon quickly recovered to their pre-pandemic form. With prices rising without exploding, it will remain accessible for the Christmas holidays.

The closure of restaurants and canteens could have dealt a heavy blow to the industry, but manufacturers have been able to promote another consumption of salmon. That of a kitchen at home, easy and fast. The fish with pink-orange flesh entered the kitchens of individuals and obviously did not come out. Because even since the reopening of public catering establishments, retail sales have not weakened.

Salmon more competitive than before compared to meat

And this demand is good for the prices which suffered last year. To sell salmon stocks, promotions have multiplied. But thanks to consumption in recent months, we have returned to the level of 2018 and 2019. And the trend is confirmed for next year since the average price per kilo is displayed at 6.40 euros, according to Soren Martens, director of the Fish Pool salmon exchange, a subsidiary of Euronext, which allows salmon to remain competitive against meat, which has seen its price soar.

If prices have risen but have not exploded unlike others, it is due to the specificity of the sector: breeders were unable to reduce production last year, since a salmon is preparing for two years to advance. Production has therefore not weakened, which makes it possible to meet the increase in demand today.

The year 2021 therefore saw a return to equilibrium, which is all in all fairly rapid, and breeders quickly recovered from the financial fears linked to the pandemic. The number one farmed salmon, the Norwegian Mowi, posted record sales in the third quarter of this year.

The price of smoked salmon indexed to that of salmon

The price of salmon for immediate purchases – spot market – remains as it always has been, very volatile, more than wheat. The reason is simple: production being restricted and fixed by country, for biological reasons, the price is the only vector which makes it possible to strike a balance between supply and demand throughout the year.

Indexed to the price of salmon, that of smoked salmon has also risen without exploding, in particular because it is bought through long-term contracts, for a sale in several months, which makes it possible to secure prices. And to guarantee relative stability for the consumer.

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