Photo: Norwegian Seafood Council/FIS

International Market Situation for Norwegian Crab and Coldwater Prawn

Strong Value Surge for King Crab Amid Record-High Prices

Norway exported 83 tons of king crab, valued at approximately $6.94 million (NOK 73 million), in November.

• The export value saw a significant increase of approximately $2.38 million (NOK 25 million), representing a 52 percent jump compared to the same month last year.

• The export volume experienced a slight decline of 1 percent.

• The largest markets for king crab in November were the US, Canada, and Italy.

Click on the image to enlarge it

The king crab season is drawing to a close. Josefine Voraa, responsible for shellfish at the Norwegian Seafood Council, noted: “There are only smaller volumes available on the quota, so a tough fight for the raw material is expected towards the holiday season when consumption of king crab traditionally increases in many markets.”

Frozen King Crab Dominates with Record Export Price

The market's shift toward frozen production continued, with frozen king crab dominating exports at 54 tons.

• The average price reached approximately $94.91 per kg (NOK 999 per kg). This represents a 70 percent increase from November last year and is the highest export price ever recorded for frozen king crab.

• The US market accounted for the majority of these frozen exports, receiving a full 71 percent of the export volume.

Click on the image to enlarge it

Voraa explained the strong performance: “Demand is strong, and it doesn't seem like Americans will be able to get enough frozen king crab, even though this year's production of red king crab from Alaska is well underway into the market.”

Decline in Live King Crab Volume

The export volume for live king crab reached 29 tons, marking a 30 percent decrease compared to November last year.

• The average price stood at approximately $60.90 per kg (NOK 641/kg), an increase of 15 percent.

Click on the image to enlarge it

Voraa attributed the decline to pricing pressure: “As a result of high raw material and export prices, exports to Asia are almost non-existent, and exports to the USA have been reduced by 11 tons, corresponding to 51 percent.”

Very Low Exports for Snow Crab

Norway exported only 5 tons of snow crab, valued at approximately $95,000 (NOK 1 million), in November.

• The export value remained unchanged from the same month last year, despite the volume falling by 53 percent.

• The largest markets for snow crab in November were the UK, Belgium, and Japan.

Click on the image to enlarge it

Voraa commented on the low volumes: “While waiting for the first landings to arrive in December, after fishing restarts after the conservation period, only limited volumes are being exported.”

• The United Kingdom was the largest market in November, accounting for the largest value growth with an export volume of 4 tons, valued at approximately $104,500 (NOK 1.1 million).

Limited Access Characterizes Coldwater Prawn Exports

Norway exported 1,109 tons of prawn, worth approximately $8.84 million (NOK 93 million), in November.

• The value fell by approximately $4.75 million (NOK 50 million), a drop of 35 percent.

• Volume fell significantly by 56 percent.

• China, Sweden, and Denmark were the largest markets for prawn in November.

Click on the image to enlarge it

Weaker landings in the prawn fishery in the Barents Sea are now clearly affecting exports. Voraa noted: “Demand in several markets is good, but limited access to raw materials is pushing up prices and causing clear changes in exports.”

Decline to China and Shift in Product

• Frozen peeled prawn volumes were down 42 percent, while prices increased by 10 percent. Exports to Sweden and Finland increased, but exports to the United Kingdom fell by 65 percent, or 220 tons.

• Frozen, cooked shelled prawn saw the largest volume decline, down 63 percent, while prices rose by 37 percent.

Voraa pointed to a market leader: “The decline is primarily greatest in China, which is down by 291 tonnes. The average price to China is still high, at approximately $5.04 per kg (NOK 53/kg). The market is now demanding more than it can deliver.”

Click on the image to enlarge it

New Trend Brings High Prices for Raw Prawn

Frozen raw prawn volume fell by a massive 79 percent in November, but the export value declined by only 22 percent because the average price increased by 280 percent, reaching approximately $7.89 per kg (NOK 83 per kilogram).

Voraa explained the reason for this dramatic price shift: “This is because exports have previously gone to the pellet industry in other countries, while we now see a clear trend: Exports to China are increasing month by month – and at high prices. This is not the same product as traditional industrial production. The prawn goes into China, is peeled there, and eaten raw.”

[email protected]
www.seafood.media

Address:	Stortorget 1 - P.O.Box 6176
City:	Tromsø
State/ZIP:	(N-9291)
Country:	Norway
Phone:	+47 776 033 33
Fax:	+47 776 800 12
E-Mail:	[email protected]
Skype:	https://www.instagram.com/norges_sjomatrad/
More about:

Print