Our favourite oily fish friend is expensive. And the bad news is, the high prices are likely to remain for some time. Blame simple economics; high demand and short supply are never a good influence on price for consumers.
Unfortunately, the salmon shortages are global. The world’s largest producer, Chile, had its salmon production crippled by an El Nino weather event. Sea lice hit salmon production in Norway – the global leader – slashing its production. While in Australia, a long hot summer has slowed Tasmanian production.
It will take several years for Chile and Norway to rebuild its position in the market, but there is a real opportunity for Australia to ramp its production and sales.
To make the price matters worse, salmon is more popular than ever. We will just have to be patient while production increases to meet demand.
In the meantime, ocean trout is proving to be a better priced substitution.