Salmon, and what it has to do with the price of fish.
Salmon: “Whats that got to do with the price of fish?”
One of our prep lads Danny with one of fresh Scottish Salmon, ready to be prepared.
The price of salmon has been changing for years but only recently has it become an issue with prices being higher than ever before. Today I will take a look at the cost of salmon and what makes it so vulnerable to price fluctuations, so that our customers stay as well informed as possible.
As you can imagine, the huge majority of the EU gets its salmon from the North Sea(Norway is the worlds leading supplier) so in theory we should always have plentiful salmon stocks. However at the end of last year, Norway had an issue with disease which lead to a reduction in breeding, which the market could have ultimately recovered from. However, Chile(the worlds second largest supplier) was hit by toxic sea algae bloom in recently months, which in effect suffocates salmon, killing them off.
“But that’s fine!” I hear you shout, ” the EU buys its own salmon supplied from the North Sea!” Unfortunately, life just isn’t that simple. The world operates in a free market, which means that wherever demand is highest, the price will be highest and whilst there is demand, the price will stay high. Now, naturally the US bought most of its salmon through Chile and other South American countries however this algae bloom has wiped out over a third of the Chilean salmon meaning the US must go elsewhere for it. The second closest market to the Americas is the Norwegian market, where supply has already been reduced slightly. Thus, the US has slowly been buying more salmon from Norway, pushing the price up slightly, which, in turn will drive the price up exponentially until it becomes no longer economically viable.
Unfortunately this is the way of the world so if we can give you any advice it should be to stock up on salmon fillets and freeze some before the summer hits in full force and fresh salmon becomes too expensive for the general public…. Again…
Keep checking our blogs for other articles relating to sustainability and the changes in the world fish market.