Price doesnt seem to be an issue. From an export perspective (which is not Tassal's current main revenue source, but provides opportunities for growth in future and a benchmark for domestic prices) the Norweigen price per hog is relatively low. See chart below, but note 2020 data not included. Similarly, Nasdaq Salmon Index (yep funny I know) shows the same trend.. seasonal fluctuations, but not getting more expensive.
On the contrary, the Australian Bureau of Agriculture and Resource Economics (ABARES) shows aquaculture demand only increasing in their recent report - particularly due to increasing salmon consumption per capita; shifts away from wild catch; export opportunities; and population growth. See other chart below.
Gotta be something else, something specific to Tassals then?
ABARES share of production value:
Why would you short Tassals *now*?, page-7
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