This article was featured in Eurofish Magazine 3 2025.
Salmon prices in the United States have collapsed to levels not seen in years with fresh whole Norwegian salmon recently trading 36% below the three-year average price. Salmon from both aquaculture and wild fisheries is flooding the U.S. market. Norway’s farmed salmon exports to the U.S. jumped 56% in volume in Q1 2025 compared to a year earlier, as producers rushed shipments. One exporter described the situation as “absolutely terrible,” noting that prices fell by about NOK20 (~$1.92) per kilo in a week amid “a lot of fish, a lot of supply”. Other salmon farming nations—from Chile to Scotland—also ramped up output, adding to the oversupply. Moreover, Alaska forecasts a strong sockeye salmon season (34.8 million fish in Bristol Bay, ~50% above the long-term average), which could further depress prices when summer harvests hit the market.
Market anxiety is compounded by new U.S. import tariffs introduced in late March 2025. Washington imposed a 10% tariff on farmed salmon imports from key suppliers like Chile, the U.K., and Iceland, and a 15% tariff on Norwegian salmon. The looming duties prompted many importers to front-load shipments before the April effective date, temporarily swelling inventories. In fact, some of the influx has been diverted into cold storage as imports outpaced immediate demand. For producers and exporters, the fallout is significant. Many are harvesting larger fish early to manage biomass, despite weak prices. U.S. distributors face mounting inventories and uncertain margins, even as lower prices drive promotional activity at retail. Industry analysts warn that unless supply is reined in or demand picks up, salmon prices may remain depressed well into 2025, pressuring everyone from Alaskan fishers to global aquaculture giants.
