Norwegian cod farmer Statt Torsk believes that ultimately farmed cod will be cheaper to produce than salmon, and will be able to command similarly high prices.

Although an industry still in its nascent stages, the farmed cod sector has a key advantage over salmon in that it does not have to treat against sea lice and, therefore, can be produced more cheaply, said Bjug Borgund, CFO of Statt Torsk.

"Costs to produce cod will end up at the same level as salmon, minus the costs for delicing," he said.