NORWAY

Norway is without doubt the world’s “salmon superpower”. Norwegian salmon is exported to over 100 countries, with the European Union, the United States, and Japan being major markets. 

Overall, Norway’s seafood exports in 2024 were worth the equivalent of £12.5bn or over £1bn a month). This represents an all-time record and an overall increase of 2% on 2023. Overseas sales of farmed salmon in 2024 were worth around £8.6bn, also a record and accounting for 70% of all seafood exports. 

While salmon is the star of Norwegian aquaculture, trout is another significant player. Rainbow trout farming has grown steadily over the years, with Norway producing around 60,000 tonnes annually.

Cod farming in Norway has a storied history, though it has faced challenges in achieving the same level of success as salmon. Nonetheless, efforts have continued to improve cod aquaculture through selective breeding and better management practices.

Norwegian halibut farming is a niche but growing segment within the aquaculture industry. Halibut, known for its firm, white flesh, is a valuable species with high market demand. Farming halibut requires specific conditions and expertise, and Norway has made significant strides in this area.

Norway continues to invest heavily in research and innovation to improve aquaculture practices. Institutes such as the Norwegian Institute of Marine Research (IMR) and the Nofima research organization are at the forefront of developing new technologies and methods to enhance sustainability, productivity and fish welfare.

The issue of how best to tax this key industry, and how to ensure its success does not endanger the environment, is one of the thorniest questions in Norwegian politics.