"Norwegian seafood trade is a fantastic example of how sustainability can be combined with economic value creation," said Norway's Minister of Fisheries and the Oceans, Marianne Sivertsen Næss.
Norwegian Seafood Council
Norwegian seafood exports reached unprecedented heights in 2024, marking the best year in history for the industry, according to the Norwegian Seafood Council.
A total of 2.8 million tons of seafood was exported last year, generating a total of NOK 175.4 billion in revenue, and equating to 38 million meals served daily around the world, the Council said.
Despite facing a series of challenges in 2024, Norway's seafood sector demonstrated remarkable resilience, Norwegian Seafood Council CEO Christian Chramer said in a press release.
"2024 was characterized by quota cuts for cod, significant production challenges for salmon, geopolitical fluctuations and economic turmoil in the global market. When the value of seafood exports nevertheless rises to a historically high level, it is incredibly strong," Chramer said.
"Once again, Norwegian seafood exports have set new records, and I am impressed by everyone who has contributed. The Norwegian seafood trade is a fantastic example of how sustainability can be combined with economic value creation," added Norway's Minister of Fisheries and the Oceans, Marianne Sivertsen Næss.
Last year's export value of Norwegian seafood rose by NOK 3.7 billion (2%) compared to 2023, setting a new all-time high, with over 60 species exported to more than 150 countries.
The biggest markets for Norwegian seafood in 2024 were Poland, Denmark, and the USA, with China showing the highest growth, increasing by NOK 887 million (10%), compared to the previous year.
Salmon continues as the most popular species exported, accounting for 70% of total seafood exports, and reaching a value of NOK 122.9 billion, a new record.
Salmon exports to Asia grew, with the fish considered an “everyday luxury” in countries like China, Thailand, Vietnam, and Korea, Chramer said. Meanwhile, salmon also gained traction through fast-food trends like sushi and poke across Europe and beyond. Salmon exports to Germany showed the highest growth, increasing by NOK 539 million, or 12%, compared to the previous year.
However, salmon producers also faced significant challenges in 2024, including higher sea temperatures and associated biological problems, increased costs, and smaller average fish weights due to early harvesting. Despite these issues, the sector managed modest volume growth, even as prices declined, the Council said.
Norway's seafood industry as a whole experienced a nuanced landscape in 2024, with price fluctuations varying across species. While salmon and trout saw price declines, wild-caught species such as cod and shrimp benefited from quota-induced price increases.
"Salmon, trout, shrimp, herring and mackerel received a boost in the last months of the year. The currency effect, which has been an important contributor to growth in recent years, decreased last year, but was still the most important reason for the growth in value in Norwegian kroner. Measured in euros, which is our most important export currency, the value is unchanged compared to 2023," Chramer explained.
In 2024, Norway exported 1.3 million tons of seafood from aquaculture, an increase of 3.4% year-on-year, with a value of NOK 130.6 billion, an increase of 2% compared with 2023.
Wild-caught seafood accounted for 26% of the total seafood export value, and 52% of its volume. In 2024, Norway exported 1.5 million tons of seafood from fisheries, 3.8% less than the previous year, but achieved a value of NOK 44.9 billion, and increase of 4% percent compared to 2023.
The wild-caught sector in particular faced mixed fortunes during 2024. The cod industry struggled due to reduced quotas, with export volumes falling. However, clipfish remained a strong product in markets like Portugal, which accounted for 35% of total cod exports by value.
“We are in a period of reduced access to the all-important cod, but lower volumes last year were to some extent compensated for by higher prices. This has happened thanks to a strong position for clipfish in particular. Together with the industry, we will continue to promote saithe as a good supplement to cod in countries such as Sweden, France and Germany," Chramer said.
Meanwhile, mackerel exports achieved 24% growth in value, driven by strong demand in Asia, and shrimp exports also set a new record with a 30% rise in value, fueled by increased supply from the Barents Sea.
As Norway closes the year with an 11% increase in December’s seafood export value, the Council said the outlook for 2025 appears optimistic.
"Norwegian seafood exports have experienced marvellous growth. In the period from 2020 to 2024 alone, the value increased by around NOK 70 billion. This shows what a strong global position our seafood has," Chramer said.
“The new year will bring new challenges, but also new opportunities, and I believe the seafood industry will continue to develop and create jobs and value across the country," added Sivertsen Næss.
