Photo: Union Forsea Corp.

Norwegian Mackerel Prices Soar in South Korea Despite Record Imports

Wholesale prices have jumped nearly 40% in a month, with Norway solidifying its market dominance as demand continues to outpace a 56% rise in import volumes.

SEOUL — A paradoxical trend is gripping the South Korean seafood market. Despite record-breaking import volumes, the wholesale price of Norwegian frozen mackerel has surged dramatically. By the second week of September 2025, prices had risen by nearly 40% compared to the previous month, putting pressure on both distributors and consumers of this staple product.

Photo: Union Forsea Corp.

According to data from Union Forsea Corp., South Korea imported 40,010 tons of frozen mackerel by the end of August 2025, a sharp 56.1% increase from 25,638 tons during the same period in 2024. Norway was the overwhelming market leader, supplying 31,554 tons, which accounts for 78.87% of all imports. The average import unit price from Norway stood at $2.81/kg, underscoring its premium market position.

A Market Driven by Unprecedented Demand

The price spike is most visible in wholesale markets. In early September 2025, the wholesale price for the 300/500g size of Norwegian frozen mackerel was KRW 136,000 (about $97.14), a 36.68% increase from KRW 99,500 (about $71.07) in August. Similarly, the 400/600g size rose to KRW 137,000 (about $97.86), a 37.69% jump from its August price of KRW 99,500.

Photo: Union Forsea Corp.

This dramatic increase in price, even as supply volumes from Norway have reached historic highs, suggests an exceptionally strong consumer demand for mackerel. As a key component of the traditional Korean diet, mackerel is a beloved source of protein, and demand often outstrips supply, particularly during peak seasons.

A Look at the Competition

While Norway dominates the market, other nations are also key suppliers. Following Norway, China was the second-largest exporter with 3,913 tons (9.78%), at a lower average unit price of $1.87/kg. The UK and the Netherlands also contributed to the supply, providing 1,772 tons and 1,294 tons, respectively.

Photo: Union Forsea Corp.

The market's current volatility highlights the delicate balance between international supply and domestic demand. As the fishing season progresses, market observers will be watching closely to see if consumer appetite continues to push prices to new highs, or if a slowdown in demand might finally offer some relief.

Source: Union Forsea Corp. 

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