The Norwegian Seafood Council (NSC) has reported that most exported species have seen a shift in demand from fresh to dried and frozen products over the last few weeks, as the demand for preservable food over premium items remains strong.

According to the NSC, there has been "a significant fall in prices for the vast majority of products measured in euros and dollars."

"There is increased uncertainty related to the development in purchasing power of consumers in several markets," said Paul Aandahl, seafood analyst with the NSC. "It is uncertain what consequences this will have, but it will probably also affect the demand for Norwegian seafood. During the financial crisis, for example, we saw that home consumption of salmon increased because people ate less outside and wanted to enjoy themselves more at home."

Furthermore, there has been an inevitable growth in the retail segment as consumers hoard food during lockdown in multiple countries. However, Aandahl said the NSC expects the rate of growth to slow in the coming weeks as people eat through what they've purchased in bulk [...]