Photo: Norwegian Seafood Council

International market trends for Norwegian crab and cold-water prawns

NORWAY
Wednesday, January 08, 2025, 06:50 (GMT + 9)

Weak year for king crab

• Norway exported 1,503 tonnes of king crab worth NOK 832 million in 2024
• The value fell by NOK 367 million, or 31 per cent, compared with the previous year.
• Volume fell by 39 per cent
• USA, Canada and Hong Kong SAR were the largest markets for king crab last year

In 2024, reduced quotas and landings led to lower export volumes and values for king crab. Exports of frozen king crab ended at 547 tonnes, with a value of NOK 320 million. This is a decrease of 28 per cent in volume and 29 per cent in value.

“Increased exports of smaller king crabs led to export prices falling by 2 per cent compared with 2023," says Josefine Voraa, head of shellfish at the Norwegian Seafood Council.

Twist in exports

Exports of live king crab fell by 43 per cent in volume to 956 tonnes. Record-high export prices averaging NOK 536 per kg limited the fall in value somewhat.

“Until 2022, Asia was the most important region for live king crab from Norway, but after the sanctions against Russian crab in the US and Europe, Russia has focused its exports on Asia at lower prices. This has led to a shift in Norwegian live king crab exports from Asia to North America," explains Voraa.

Photo: Norwegian Seafood Council 

USA was the largest market

The USA was the largest market for both live and frozen king crab from Norway, with an export value of NOK 414 million in 2024.

“This is eight times more than the export value to Hong Kong, which was the second largest market for king crab in 2024. Despite strong demand in the US market, lower landings of king crab have led to a 21 per cent drop in export volume and an 11 per cent drop in value," says Josefine Voraa.

King crab exports in December

• Norway exported 109 tonnes of king crab worth NOK 74 million in December
• The value fell by NOK 30 million, or 29 per cent, compared with December last year
• Volume fell by 49 per cent

Strong growth for snow crab

• Norway exported 6,399 tonnes of snow crab worth NOK 723 million in 2024
• The value increased by NOK 213 million, or 42 per cent, compared with the previous year
• This is a growth in volume of 27 per cent
• The US, Denmark and the Netherlands were the largest markets for snow crab last year

In 2024, there was strong growth in snow crab exports compared with 2023.

“The growth was largely driven by good fishing, with increased quotas and landings, which resulted in increased export volumes. An improved market situation compared to last year contributed to export prices increasing each month and ending at an average of NOK 112 per kg, which is 11 per cent above the average price in 2023," says Josefine Voraa, head of shellfish at the Norwegian Seafood Council.

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Short fishing season for live snow crab

Only 10 tonnes of live snow crab were exported in 2024.

"A short fishing season in recent years has made it difficult to build a market for live snow crab. The sitting price of NOK 311 per kg for the little that was exported shows the potential for increased export values if a larger proportion is also exported live," explains Voraa.

The USA saw the greatest growth in value last year, with an increase in export value of NOK 98 million, or 50 per cent, compared with the previous year.

Exports to the USA totalled 2,395 tonnes, which is 33 per cent higher than the previous year.

Snow crab exports in December

• Norway exported snow crab to a value of NOK 13,000 in December
• The value fell by NOK 5 million, or 100 per cent, compared to December last year

Record high export value for 'cold-water' prawn

• Norway exported 34,421 tonnes of prawn worth NOK 1.6 billion in 2024
• The value increased by NOK 383 million, or 30 per cent, compared with the previous year
• This is a growth in volume of 68 per cent
• Sweden, the UK and Denmark were the largest markets for prawns last year

A good prawn fishery in the Barents Sea and declining cod quotas in recent years led to an increased supply of prawn. 2024 was no exception and resulted in a record high export value for prawns, NOK 125 million higher than the previous record year in 2000.

“The increase in value is driven by an increase in volume, and we have to go back to the early 2000s to find similar volumes," says Josefine Voraa, head of shellfish at the Norwegian Seafood Council.

Peeled prawn are still the largest value product

Peeled prawn remain the largest value product with a share of 49 per cent and an export value of over NOK 800 million. The largest markets for peeled prawn are the UK, Sweden and Finland.

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The greatest growth in value was for frozen, raw industrial prawn that have gone to the peeling industry in Iceland and Canada.

"Iceland's own catches have been declining, and it has been dependent on imports of raw materials for many years. The increased export of industrial prawn to Canada of more than 6,000 tonnes is due to a sharp decline in quotas and catches in 2024," says Voraa.

Canada largest growth market

Canada became the largest growth market for prawn in 2024, with a total increase in value of NOK 137 million.

"Another trend in 2024 is increased production of frozen, cooked shell prawn, which led to an increase in value of NOK 159 million and accounted for 24 per cent of the export value, an increase of 5 percentage points," explains Josefine Voraa.

Norwegian prawn take market share in China

China, the world's largest prawn market, was the largest growth market for frozen shell-on prawns last year, with growth of 478 per cent in volume and 361 per cent in value.

“Increased production of frozen, cooked shell prawn has led the industry to orientate itself towards new markets. This is impressive, as the Chinese prawn market declined in 2024. Norwegian prawn have thus gained market share, and we expect further growth in 2025," says Sigmund Bjørgo, the Norwegian Seafood Council's envoy to China.

Prawn exports in December

• Norway exported 1,600 tonnes of prawn worth NOK 97 million in December
• The value fell by NOK 6 million, or 5 per cent, compared to December last year
• Volume fell by 26 per cent

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