Buyers willing to pay for farmed halibut, says producer

White fish farmer Nordic Halibut has reported earnings of almost NOK 20 million (£1.43m) during the second quarter this year, thanks to the willingness of buyers in Britain and elsewhere to pay high prices for this popular prime fish – even at smaller sizes.

The company, based in western Norway, says the April to June period demonstrated a sustained upward trend in sales prices.

Increases were realised for halibut sold in the 1-3 kg category with a 12% rise in the 3-5 kg category with a 14% price increase, and the 5-7 kg category with a 5% price increase compared to the same period in 2023.

Nordic Halibut said: “This trend demonstrates the strong willingness-to-pay and established high price levels for quality farmed halibut products in high-end markets even for smaller sizes exported to the United Kingdom and the EU.”

As planned, the company experienced a decline in harvest weight, averaging 4.5 kg (4.1 kg HOG), compared to Q2 2023’s average harvest weight of 5.2 kg (4.7 kg HOG).

Reduction in average harvest weight resulted in an average sales price of 153 NOK/kg in Q2 2024, reflecting a year-on-year (YoY) decrease of 1.2%.

Total revenue for Q2 amounted to NOK 19.1 million (£1.3m), with harvest volumes reaching 140 tonnes (125 tonnes HOG).

Nordic Halibut said it expects increased volumes and higher average harvest weights in the second part of this year. It also remains confident in its pricing strategy and market positioning.

Its growth plan is to expand production volumes to 4,500 tonnes (HOG) by 2026 and to 10,350 tonnes by 2031.

Nordic Halibut grow-out farm, Eide