Analysts are expecting a very good year for salmon and cod prices despite increasing costs and the war in Ukraine.

Pareto Securities' Carl-Emil Kjolas Johannessen sees particular strength on the supply side.

The industry has become very adaptable from the historic high level fluctuation of supply growth, he said, speaking at a seafood conference this week in Hell, Norway. But in years to come he is expecting more limited growth, strong demand and strengthening prices.

"It is difficult to see any particular growth in salmon and trout from any of the major production countries," he said, adding that he predicts this year's harvest volumes will remain more or less unchanged globally from last year.