Norway’s seafood industry continues to demonstrate resilience, with third-quarter exports rising to NOK 44.1 billion (USD 4.16 billion), a 5% increase from the same period last year. The boost comes despite challenges in several key areas, with shrimp and other aquaculture products playing a crucial role in driving the sector forward.

A Historic Third Quarter

The third quarter of 2024 marked a record for Norway’s seafood exports, buoyed by strong performances across various species, including salmon, trout, mackerel, and prawns. Christian Chramer, CEO of Norway’s Seafood Council, attributed the surge to high export volumes rather than favorable currency effects, noting that the comparison with the previous year negates the impact of the weak Norwegian krone. Shrimp, in particular, emerged as a significant contributor to this increase, reflecting both high demand and Norway’s strength in aquaculture.

A notable feature of 2024 has been the reduction in quotas for herring, king crab, mackerel, and cod—part of a broader strategy to maintain sustainable fish stocks. These cuts, while necessary, have inevitably led to lower volumes of wild-caught fish. Yet, the total value of exports has not only held steady but increased, thanks to the country’s robust aquaculture sector. As Chramer pointed out, farmed species such as shrimp have more than compensated for the declines in wild fish exports, underscoring the critical role of aquaculture in maintaining Norway’s seafood trade.

Aquaculture’s Growing Importance

Aquaculture now dominates Norway’s seafood exports, accounting for 86% of total third-quarter sales. Of the NOK 44.1 billion in seafood exported, NOK 33.9 billion (USD 3.2 billion) came from farmed species, with shrimp playing a significant role. Salmon, a perennial favorite, continues to face headwinds, including rising costs and biological challenges such as sea lice, exacerbated by higher summer temperatures. Nonetheless, the shrimp industry has helped soften the blow, with steady demand in key markets ensuring continued growth in aquaculture exports.

Poland, Denmark, and the United States remain the largest markets for Norway’s seafood exports, with these countries driving demand for shrimp and other farmed products. Norway’s ability to shift focus toward aquaculture has allowed it to maintain a competitive edge globally, even as wild-caught quotas tighten. While challenges remain—particularly in the salmon sector—shrimp has emerged as an increasingly important product in Norway’s seafood portfolio.