Photo: Stockfile/FIS

Fresh vs. Frozen: Norway's Cod Market Sees Record High Farmed Share and Vietnam Overtake China in Frozen Trade

NORWAY
Wednesday, October 08, 2025, 00:10 (GMT + 9)

Fresh Cod Value Soars 53% as Farmed Cod Dominates, While Vietnam Becomes the Top Market for Frozen Cod.

Photo: Norwegian Seafood Council

Fresh Cod: Record Share for Farmed Production

Norway exported 2,000 tonnes of fresh cod worth NOK 143 million (an increase of 53% in value and 36% in volume) in September 2025.

• Farmed Cod Dominance: Fresh farmed cod saw its highest-ever monthly share, accounting for 59% of the fresh cod export value. Volume increased by 57% to 1,189 tonnes, and value increased by 78% to NOK 84 million.

• Wild Cod: Fresh wild cod exports increased 14% in volume (to 800 tonnes) and 28% in value (to NOK 59 million).

• Markets and Price: Denmark, the Netherlands, and Poland were the largest markets. The price level remains significantly higher than last year, with fresh whole wild cod at NOK 72 per kilo (up 13%) and fresh whole farmed cod at NOK 70 per kilo (up 17%).

• Third Quarter Summary: Fresh cod exports for the third quarter totaled 5,859 tonnes worth NOK 419 million, a 13% value increase despite a 4% volume drop.

Photo: Norwegian Seafood Council

"This contributed to growth in exports of fresh wild cod in September compared to the same month last year. We have to go all the way back to September 2023 to find the previous month with increased export volume of fresh wild cod", says seafood analyst Eivind Hestvik Brækkan at the Norwegian Seafood Council.

Frozen Cod: Vietnam Becomes Largest Market

Norway exported 2,200 tonnes of frozen cod worth NOK 185 million in September, an increase of 26% in value.

• Historical Shift: For the first time, Vietnam is Norway's largest market for frozen cod, driven by an export value increase of 245% (NOK 40 million). This shift is attributed to Vietnam facing a lower tariff rate than China when re-exporting frozen cod fillets to the US.

• China Processing: Exports of frozen whole cod to China fell by 19%. China is now experiencing a sharp decline in re-exports of cod fillets to the US due to high tariffs, although exports to Europe from China have increased.

• Third Quarter Summary: Frozen cod exports for the third quarter totaled 6,715 tonnes worth NOK 558 million, a 15% value increase despite a 3% volume drop.

Photo: Norwegian Seafood Council

Clipfish and Salted Fish: Portugal Drives Demand

Clipfish

• Strong Value Growth: Clipfish exports reached 8,700 tonnes worth NOK 891 million in September, marking a 35% value increase, despite a 1% volume drop.

• Markets: Portugal, Brazil, and the Dominican Republic were the largest markets.

• Cod Clipfish: Volume increased by 6% to 3,284 tonnes, with value up 35% (NOK 532 million). Portugal was the main driver, with a 94% value growth and a 50% volume increase to 2,814 tonnes. 80% of all cod clipfish exports this year have gone to Portugal, the highest share ever.

• Challenges: Lower landings and sanctions against Russian whitefish have increased prices for Norwegian whitefish, creating tough competition for raw materials, a challenge expected to intensify with further quota declines for cod and saithe next year.

Photo: Norwegian Seafood Council

"Lower landings and sanctions against Russian whitefish have raised the prices of Norwegian whitefish this year. The clipfish industry is also affected by this, with higher prices at all stages of the value chain. This creates challenges for the Norwegian industry when purchasing raw materials, as well as for importers and consumers in the markets," emphasizes Brækkan.

Salted Fish

• Portugal Dominates: Norway exported 1,600 tonnes of salted fish worth NOK 186 million (up 27% in value). Portugal saw the greatest value growth (up 47%), receiving 91% of all salted cod exports this year—the highest proportion ever.

Photo: Norwegian Seafood Council

"Portugal's strong traditions for the consumption of cod clipfish are also reflected in salted fish exports in September. So far this year, a full 91 percent of all salted cod has gone to Portugal. This is the highest proportion ever. Like in Norway, the industry in Portugal is also facing challenges with lower global catches of cod and an increasingly tough competition for raw materials. However, this market has over time had the strongest development in demand for salted fish", says seafood analyst Eivind Hestvik Brækkan at the Norwegian Seafood Council.

Stockfish: Decline Due to High Prices

• Sharp Decline: Stockfish exports had a challenging September, falling 56% in volume to 143 tonnes and 45% in value to NOK 38 million.

• Impact: The decline is primarily due to quota reductions and a very high price increase for fresh cod this year, which has led to lower stockfish production.

• Market: Italy, Nigeria, and the UK were the largest markets. Nigeria had the largest value growth (up 56%) on an unchanged volume of 48 tonnes, mostly tusk and saithe stockfish.

• Third Quarter Summary: Stockfish exports fell 55% in volume for the third quarter, resulting in a 47% value decline.

"As with all other processed wild cod products, stockfish is also affected by quota reductions and price increases at all stages of the value chain. A very high price increase for fresh cod this year has contributed to lower stockfish production than previously. Developments in the fourth quarter, which is traditionally the quarter with the highest exports of stockfish, will be very exciting to follow", says seafood analyst Eivind Hestvik Brækkan at the Norwegian Seafood Council.

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