Norwegian fresh Atlantic salmon export value to China rose 67% in the first five months of the year, while export volume fell 11%. Chinese consumers are facing soaring prices for imported salmon, which could hurt the long-term growth of Norwegian salmon sales in the Chinese market.
Chinese consumers’ demand for salmon is waning, which is dampened by rising salmon prices in Norway. The price trend is estimated to be influenced by global inflation and the Russia-Ukraine conflict.
In China, more than 80% of fresh salmon is sold through restaurants such as Japanese cuisine, but strict COVID-19 controls in some Chinese cities curtailed fresh salmon purchases in the first half of this year.
In the long run, high prices for Norwegian fresh salmon sold in China could disrupt supply and demand, with consumers likely to switch to other varieties, such as domestic seafood or cheaper imported seafood, the industry insiders said.
In 2021, China's total seafood consumption reached 68.8 million tons, up 2.3% year on year, but only 29.6% of that was used for direct consumption of human food. China's total seafood output was 66.9 million tons, up 2.2% year on year, among which aquaculture output rose 3.1% to 53.8 million tons.