Photo: Norwegian Seafood Council/FIS

Analysis of the International Market for Norwegian Crab and Coldwater Prawn: Trends, Challenges, and Opportunities

NORWAY
Friday, February 07, 2025, 00:10 (GMT + 9)

Value increase for king crab

• Norway exported 174 tonnes of king crab worth NOK 130 million in January
• The value increased by NOK 34 million, or 36 per cent, compared with the same month last year.
• Volume fell by 2 per cent
• The US, Canada and Denmark were the largest markets for king crab in January

January is usually a strong month for king crab exports, with particularly high demand in connection with Chinese New Year

“January saw strong demand for Norwegian king crab in the USA. A weakened Norwegian krone against the dollar lifted the value and prices of frozen king crab to a record high of NOK 913 per kg. That's NOK 1 per kg more than the previous record month of June 2022," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.

Record prices for frozen red king crab in the US

With more large king crab available, and high prices in the US market, a larger share of both frozen and live king crab has gone to the US.

The US market accounted for 81 per cent of the export value and 77 per cent of the export volume in January this year, with 134 tonnes worth NOK 47 million. This is 81 per cent higher than in January last year.

“After the US market was emptied of Russian king crab, demand for Norwegian king crab has increased sharply, with strong price growth for all sizes. Even with quota increases in Norway and a small quota in Alaska, the volumes are not large enough to replace the Russian volumes. As a result, we now have record prices for frozen red king crab in the US market," says Anne-Kristine Øen, the Norwegian Seafood Council's envoy to the USA.

Solid start for snow crab

• Norway exported 211 tonnes of snow crab worth NOK 42 million in January
• The value increased by NOK 32 million, or 315 per cent, compared to the same month last year
• This is a growth in volume of 72 per cent
• The Netherlands, USA and Denmark were the largest markets for snow crab in January

“As there is little snow crab available in stock after the Christmas season, there is good demand in the US market. There is also a new season with increased quotas in Norway. "New regulations with vessel quotas have led to larger volumes being exported at higher prices compared with January last year," says Josefine Voraa, head of shellfish at the Norwegian Seafood Council.

The export price in January ended at NOK 200 per kg, which is NOK 116 per kg more than in January last year.

“In January, a consignment of live snow crab was exported to China for the very first time. This was due to the species being approved by the Chinese authorities in December," says Voraa.

Good month for prawn exports

• Norway exported 1,682 tonnes of prawn to a value of NOK 117 million in January
• The value increased by NOK 28 million, or 32 per cent, compared with the same month last year.
• Volume fell by 1 per cent
• The UK, Sweden and Denmark were the largest markets for prawn in January

"Prawn exports are continuing their strong development from last year, with increased export values. Compared with January last year, there is a volume growth 408 tonnes in exports of peeled prawn," says Josefine Voraa, Head of Shellfish at the Norwegian Seafood Council.

The export value of peeled prawn ended at NOK 36 million, which is 73 per cent higher than in the same month last year.

Almost all the volume growth can be attributed to the UK market, which had the strongest January in over 20 years, with an export volume of 362 tonnes. This is 220 per cent higher than in January last year.

"Increased processing of prawn in Norway and a decline in production in other supplier countries of cold-water prawn means that Norwegian prawn are taking a larger share of this important prawn market at the start of the new year," says Victoria Braathen, the Norwegian Seafood Council's envoy to the UK.

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