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Getting investors on board: an image from the Mowi handbook.
Getting investors on board: an image from the Mowi handbook.

The world’s biggest salmon farmer, Mowi, has provided a comprehensive overview of the industry in its Salmon Farming Industry Handbook 2019.

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The 114-page document is designed to give investors and financial analysts a better insight into the salmon farming industry, and what Mowi considers to be the most important value drivers.

Subjects covered include the positioning of salmon in the global food supply, diminishing growth expectations and the sustainability of feed.

Click on image to enlarge. Graphic: Mowi.
Click on image to enlarge. Graphic: Mowi.

On feed sustainability, Mowi states: “We have seen a significant decline in the use of fish meal and fish oil in salmon feed due to changes in recipes.”

It quotes a scientific paper that says the amount of the fish meal and fish in the average Norwegian salmon diet has dropped from 65% and 24% respectively in 1990 to 17% and 9% today, without any detrimental effects on the fish. Mowi used 10.3% fish oils and 13.2% fish meal in their salmon feed in 2018.

Mowi, which produces its own feed, also gives an estimate of the market share of feed producers in Norway last year.

The handbook also examines the global trade flow of farmed Atlantic salmon and lists the top players in Norway, Scotland, north America and Chile (see below).

Under a section about barriers to entry, Mowi explains the licensing processes for Norway, Scotland, Ireland, Canada and Chile.

Referring to Scotland, the handbook states: “New site applications can take 6 months for planning permission to be granted with the determination period for applications for the environmental licence being 4 months, however both can take longer.

Expansion most efficient route

“Expansion of existing facilities is the most efficient route in terms of cost and time; new sites will take a greater amount of time and will be subject to an Environmental Impact Assessment (EIA) in order to secure planning permission.”

Getting permission to farm salmon in Ireland is a longer process.

“Currently the processing of a marine fin fish licence takes between 87 and 216 weeks,” states Mowi. “Most licences will be appealed to ALAB (Aquaculture Licences Appeals Board) which can take at least a further 168 weeks to determine. The process of renewing expired fin fish licences takes as long as a new application.”

Download a copy of the handbook here.

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