- The Coller FAIRR Protein Producer Index has awarded Norwegian aquaculture company Mowi the top spot for sustainability.
- Mowi, Grieg, and Lerøy, three Norwegian salmon companies confirming Norway’s standing as a leader in sustainable salmon farming.
- In 2024, the company’s operations in the segment have been adversely affected by tax matters in the Faroe Islands.
For the fifth year running, the Coller FAIRR Protein Producer Index has awarded Norwegian aquaculture company Mowi the top spot for sustainability.
A risk and opportunity score is used to rank the environmental, social, and governance-related factors like food safety, deforestation, and greenhouse gas emissions. The company’s dedication to ethical sourcing, animal welfare, and environmental sustainability was commended by Mowi’s CEO, Ivan Vindheim.
Sustainable producers
According to the 2023 report, land-based animal protein producers continue to lag behind aquaculture companies, particularly those focused on salmon farming. Mowi, Grieg, and Lerøy, three Norwegian salmon companies, are leading the pack, confirming Norway’s standing as a leader in sustainable salmon farming.
Despite difficulties, CEO of Bakkafrost Regin Jacobsen is upbeat about the company’s farming operations in Scotland and the Faroe Islands. He said that because of the strength of the Chinese market and its growing market share among US consumers, supply growth is probably going to stay modest for the upcoming quarters.
Because of the strong demand from China and the United States and the decreased supply, salmon spot prices were 9.2% higher this quarter than in Q32 of 2022.
Unfortunately, in 2024, the company’s operations in the segment have been adversely affected by tax matters in the Faroe Islands.
Contracts for just 9% of the harvest were obtained by Bakkafrost, as opposed to 22% the previous year, as a result of modifications to the Faroese revenue tax. Within the quarter, inventory movements were included in a 1.4% decrease in the supply of salmon.
Jacobsen highlighted Bakkafrost’s emphasis on enhancing diversification and reducing market risk by maintaining a well-balanced flow to various markets. Given Bakkafrost’s lengthy value chain and economical manufacturing of premium salmon products, the long-term balance of the global salmon product market is probably to its advantage.
