With Norwegian salmon prices starting to climb, could this help to boost demand in the U.S. salmon industry?
The last few years have seen U.S. farmed salmon prices falling steadily. Lower prices were primarily driven by the increased export competition with farmed salmon from Norway and Chile, as a result of a strong U.S. dollar and additional supply available as a result of the Russian import bans. In December 2015, U.S. salmon prices fell to a 3-year low, down 12% year-over-year.
Salmon still remains the second-most consumed seafood in the U.S. with around 334,000 tonnes of salmon consumed per annum. The U.S. harvests its own farmed and wild salmon, producing respectively approximately 110,000 and 450,000 tonnes per year.
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