Salmon prices have remained relatively high over the past couple of years.
This hasn’t just started to turn the fish into a luxury but it has also impacted profits at Wasabi.
The sushi chain decided to maintain prices and stomach the rising costs of the key ingredient. It feared that passing the price surge onto its customers would only discourage already squeezed consumers who are struggling with low wage growth and high inflation.
Demand for salmon is not just a UK thing.
America, Russia and continental Europe all have a taste for the fish.
And this has only aided Norway’s economic growth, where fish is its second biggest export after oil and gas.
However, whilst Norway might be like the Neptune of the salmon industry, it’s being challenged.
The South American country is beginning to up output.
Consequently, we are beginning to see a slight fall in the price of fresh salmon, and salmon prices globally. Chile is also starting to poach traditionally Norwegian customers, such as the US.
A la carte
When salmon prices reached their peak in January, it forced some UK restaurants to take the fish off the menu. This trend contributed to the global price drop, and significantly affected the Scottish salmon industry. Paradoxically, Scottish fisherman who catch this premium fish can’t sell it: there’s currently little demand from their usual customers.
If the price can stabilise at this lower price, it may instil confidence in UK restaurants and revitalise the Scottish fishing industry.