Photo: Norwegian Seafood Council/FIS

Market situation for Norwegian king crab, snow crab and coldwater prawns

NORWAY
Monday, July 08, 2024, 01:00 (GMT + 9)

Weak six months for king crab

• Norway exported 648 tonnes of king crab worth NOK 347 million in the first half of the year
• The value fell by NOK 128 million, or 27 percent, compared to the first half of last year
• The volume fell by 29 percent
• The USA, Canada and Vietnam were the biggest markets for king crab in the first half of the year

"The first half of the year has been characterized by a lower supply of king crab, which is a result of reduced quotas, bad weather at the start of the year and an extended conservation period to both March and April", says seafood analyst Marte Sofie Danielsen at the Norwegian Seafood Council.

The USA was the largest market in the first half of the year in terms of value and volume. Despite the decline in volume, the share to the USA has increased by 11 percentage points, to 44 percent this year. In addition, the value to the USA has increased by 2 percent, to NOK 176 million.

Record high price for live king crab

"Due to a lower global supply of red king crab in the first half of the year, demand for Norwegian king crab has been strong. This led to a record high price for live king crab, with NOK 596 per kilo. This is NOK 39 higher than the previous record six months, which was in the first half of 2022", explains Danielsen.

The export share of frozen king crab has increased from 30 to 43 percent.

"The increase is mainly due to an increased proportion frozen to the USA, where stocks have been emptied of the Russian crab that was imported before the sanctions came into force", says Marte Sofie Danielsen.

This was the export of king crab in June

• Norway exported 110 tonnes of king crab worth NOK 51 million in June
• The value fell by NOK 71 million, or 58 percent, compared to June last year
• The volume fell by 52 percent

Record-breaking six months for snow crab

• Norway exported 6,302 tonnes of snow crab to a value of NOK 711 million in the first half of the year
• The value increased by NOK 231 million, or 48 percent, compared to the first half of last year
• This is a growth in volume of 33 percent
• The USA, Denmark and the Netherlands were the biggest markets for snow crab in the first half of the year

This is a record-high export value for snow crab in six months, NOK 119 million higher than the previous record six months, which was in the first half of 2021.

"The value record comes from an increased supply of snow crab, as well as an improved market situation compared to last year. The quota increase is the biggest contributor to the increase in value. The quota was emptied in record time, as early as 19 March, which has resulted in volume growth of 33 percent in the first half of the year", says seafood analyst Marte Sofie Danielsen at Norway's Seafood Council.

Greatest growth in value to the USA

In addition to this, the average price of snow crab in the first half of the year has increased by NOK 11.80, to NOK 112.90 per kilo, compared to the same period last year.

"The USA had the greatest growth in value in the first half of the year, with an increase in export value of NOK 104 million, or 58 percent, compared to the first half of last year", explains Danielsen.

The USA increased its share measured in volume in the first half of the year, from 34 percent to 36 percent. The export volume to the USA ended at 2,301 tonnes, which is 41 percent higher than in the first half of last year.

Such was the export of snow crab in June

• Norway exported 61 tonnes of snow crab worth NOK 8 million in June
• The value fell by NOK 70 million, or 90 percent, compared to June last year
• The volume fell by 93 percent

The strongest first half of the year for Prawn in 24 years

• Norway exported 15,178 tonnes of prawn to a value of NOK 754 million in the first half of the year
• The value increased by NOK 107 million, or 17 percent, compared to the first half of last year
• This is a growth in volume of 52 percent
• Sweden, Great Britain and Denmark were the biggest markets for prawns in the first half of the year

This is the strongest first half of the year since 2000 for prawn.

"A good fishery in the Barents Sea, and thus increased volume, has characterized exports in the first half of the year. The biggest increase in value is for frozen raw industrial prawns. This has gone to Iceland and Canada, both of which have a lower supply from their own catches. Because of this, Canada is also the largest growth market for prawn in the first half of the year, with a growth of NOK 84 million", says seafood analyst Marte Sofie Danielsen at Norway's Seafood Council.

Sweden is the largest market

The trend of more boats getting a cooking line on board and increased production of frozen, cooked shell prawns has continued this first half of the year. Frozen, cooked shell prawns therefore follow with a value increase of NOK 75 million, despite the price drop.

"Sweden is still the largest market for prawn in the first half of the year, with a value of NOK 182 million. This is an increase of 7.5 per cent compared to the first half of last year", explains Danielsen.

This was how the export of prawns was in June

• Norway exported 3,800 tonnes of prawns worth NOK 163 million in June
• The value increased by NOK 8 million, or 5 percent, compared to June last year
• This is a growth in volume of 29 percent

editorial@seafood.media
www.seafood.media

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