Norwegian salmon exports reached 609,946 tonnes in H1 (January 1 to June 30) 2025, up 22% YoY, yet export value rose only 3% to NOK 57.8B (EUR 4.99B), reflecting the impact of falling prices.

In June alone, shipments totaled 110,000 tonnes, worth NOK 9.2B (EUR 794M) — a 19% rise in volume but just a 5% lift in value compared to last year.

Prices have dropped sharply from NOK 125.63/kg (EUR 10.72) in Week 1 to NOK 68.90/kg (EUR 5.87) in Week 26, the lowest level so far in 2025.

The decline stems from global oversupply, heightened competition, and reduced availability of larger fish sought by foodservice.



Vietnam is set to harvest 1.65M tonnes of pangasius in 2025, up 7% YoY, reinforcing its dominance in global supply. Exports in 2024 reached $2 Billion USD, supported by new market expansion and value-added product development.

In Europe, pangasius holds a steady role via Dutch re-exports, as its affordability anchors entry-level pricing and stabilizes assortments as salmon markets fluctuate. Trout is the main beneficiary, with exports up 34% in H1 2025, strengthening its role as a substitute in retail and foodservice.

Alaska pollock is also gaining, particularly in Germany, where a 10% July price cut reinforced its value in frozen and convenience lines. Strong Argentine squid landings (+33% YoY) are boosting cephalopods as competitive foodservice alternatives.

Our recommendation is buyers should balance portfolios by locking in low-priced salmon, while diversifying into trout and Alaska pollock as cost-effective substitutes.

Maintaining pangasius secures entry-level pricing, while cephalopods add competitive, margin-friendly variety for foodservice.



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