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Who pays most for Faroese salmon?

Suppliers see major shift to new markets.

Salmon producers from the Faroe Islands underwent a massive change in recent years in terms where the ship their fish.

Exports traditionally headed to the European Union, but today Faroese salmon can now be found in almost all major markets.

According to data compiled by statistical agency Hagstova Foroya, main markets today include the United States, Russia, China and the EU.

The US market has been solid for several years and Faroese exporters have carved out a niche for their products -- and buyers are willing to pay a higher price for it.

The lowest average price was reported in January this year, at about NOK 69 (€7.60/$8.10) per kilogram, mainly for whole fresh salmon.

The best price was achieved in July this year, when the average price per kilogram hit NOK 91 (€10/$10.60). The average price in the third quarter this year amounted to NOK 82.70 (€9.10/$9.60) per kilogram for salmon exported to the United States.

The UK was the third largest single market for Faroese salmon this year, according to the data.

Prices to the EU market hit their lowest point in April this year, when they reached NOK 65.70 (€7.20/$7.70) per kilogram.

The EU paid an average price of NOK 86.60 (€9.50/$10.10) per kilogram for Faroese salmon in both June and September this year. Average prices in the third quarter reached NOK 79.50 (€8.80/$9.30) per kilogram.

Russia takes biggest slice

Faroese suppliers almost have a monopoly in the Russian market, with imports from both Norway and the EU banned since 2015.

According to Hagstova Foroya, about 1,000 to 2,000 metric tons of salmon are being exported from the Faroe Islands to Russia every month.

However, prices achieved in that market are the lowest, hitting rock bottom in January, at NOK 58 (€6.40/$6.80) per kilogram.

The best price was achieved in July, when Russian buyers paid about NOK 77 (€8.50/$9) per kilogram. Average prices in the third quarter of the year, amounted to NOK 68.55 (€7.60/$8) per kilogram.

Despite China also being a challenging market for Norwegian salmon, Faroese producers are only sending about 1,000 metric tons of salmon there.

The best price was paid in July this year, when Faroese salmon achieved NOK 85.70 (€9.40/$10) per kilogram. The average price in the third quarter amounted to NOK 76 (€8.40/$8.90) per kilogram.

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