Demand for salmon shows signs of recovery in the second half of 2024, according to a new report from Dutch lender Rabobank.
Despite ongoing biological challenges in the salmon farming sector, feed costs are expected to decline due to an anticipated increase in fishmeal supply.
In its latest aquaculture report, Rabobank highlighted the successful first anchovy fishing season in Peru as a key factor in this recovery which should see costs for salmon producers start to normalize.
Peru has caught 98% of the 2.587 million metric tonnes quota set for the first anchovy fishing season in the north of the country. The second fishing season in southern Peru is already underway. This rebound in production is expected to stabilize fishmeal prices and support the broader aquaculture industry’s growth.
Meanwhile, in Norway, the severity of biological challenges in salmon farming is expected to decrease with the arrival of summer, compounding the upwards trend.
Despite these positive signs, the salmon market remains constrained, according to Rabobank expert Gorjan Nikolik, with prices expected to stay high throughout the latter half of the year, following seasonal trends.
The fishmeal market is expected to see robust demand as industry players aim to rebuild inventories after a period of tight supply.
