Key Players in the Farmed Seafood Market

Delivered February 21st, 2020. Contributors: Alexis Z., Eunice A., Josh T., Emmanuel A., Shannon L., Uche M. and

Early FindingsKey Players in the Farmed Seafood Market

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Key Players - Farmed Salmon Market: North America

Cooke Inc.  Cooke Inc is the largest producer of farmed salmon in North America. In 2017, Cooke Inc. achieved total sales of USD $1.37 billion. 
Cooke Inc was established in 1985 in New Brunswick and today has multiple brands throughout the Americas, Europe, and Japan. 
Thai Union North America Thai Union, based in Thailand, is one of the world's key farmed salmon producers, and is one of the top seafood producers in North America. In 2017, they had total sales of USD $1.30 billion. 
Thai Union has multiple brands including Chicken of the Sea International (COSI), Chicken of the Sea Frozen Foods (COSFF), and US Pet Nutrition (USPN).
MOWI MOWI, formerly Marine Harvest, had total sales in 2017 of USD $552.4 million. 
MOWI is one of the largest seafood companies in the world and is the world's largest producer of farmed Atlantic Salmon. 
Pacific American Fish Company Pacific American Fish Company (PAFCO) was established in 1977 and is headquartered in California. The company is one of North America's largest seafood suppliers and primarily fresh and frozen seafood products for retail, including farmed salmon steaks and fillets.  
In 2017, PAFCO had total sales of USD $291 million. 
Ocean Garden Products Inc.  Ocean Garden Products is one of North America's largest seafood companies. They supply farm-raised salmon to the US from the brand Storm Seafood. The company is primarily involved in selling seafood to distributors, retailers and restaurants. 
In 2017, Ocean Garden Products Inc had total sales USD $100-200 million. 
Largest Land-Based Salmon Farms in North AmericaAdditionally, it was determined that the largest land-based salmon farms in North America, by potential harvesting volume, are Atlantic Sapphire in Florida at 220,000 tonnes, Nordic Aquafarms in Maine at 33,000 tonnes, Kuterra at 1,500 tonnes in British Columbia, Sustainable Blue in Nova Scotia at 600 tonnes, and Cape d’Or in Nova Scotia at 227 tonnes. Please note, some of these facilities are still under construction. 
Research StrategyTo identify the five top players in the farmed salmon market in North America, we began our search by searching for industry reports for a list of key players in the farmed salmon market in North America. We were unable to find such a report specific to the North American market. However, we were able to find a global report listing key global players in the farmed salmon market. Next, we located a list of key players, ranked by revenue, for all seafood in the North American market. By comparing the two lists, we were able to identify three of the key players for farmed salmon in the North American market, ranked by total revenue (i.e. revenue not specific to their farmed salmon products). To find the additional two key players, we reviewed the websites and product offerings of the other key seafood players by total revenue for the North American market to see if they offered farmed salmon. We assumed that since these players were the largest in the North American seafood market, they would also be among the largest specifically for farmed salmon in the North American market. 

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Key Players - Farmed Salmon Market: South America

Mowi, Cooke Seafood, AquaChile, Cia Pesquera Camanchaca, and Multiexport Food SA are five top players in the farmed salmon market in South America.
Mowi The company's corporate website can be accessed here.
 Mowi was founded in 1964 and it operates in 25 countries across the world including Chile in South America. Mowi's brands include Mowi, Mowi Salmon, Appeti Marine, Kritsen, Pieters, and Rebel Fish among others. The company was formerly known as Marine Harvest. 
The company has a revenue of $4.5 billion. 
Cooke SeafoodThe company's website can be accessed here.
Cooke Seafood was founded in "1985 with one farm and 5,000 salmon." Its salmon farming include Kelly Cove salmon, Cold Ocean salmon, and True North salmon.
The company's annual revenue in 2018 was $2.4 billion.
AquaChileThe company's website can be accessed here.
AquaChile operates in 40 countries worldwide and its products include Coho salmon, Atlantic salmon, and Pacific salmon among others.
The company's annual revenue in 2018 was about $716 million.
Cia Pesquera CamanchacaThe company's website can be accessed here.
Cia Pesquera Camanchaca began its operation in Chile in 1965. Its salmon products include Whole Salmon/HG, Harasu, Salmon fillets, and Salmon Blocks.
The company had a revenue of $629 million in 2018.
Multiexport Food SAThe company's website can be accessed here.
Multiexport Foods SA is a Chile-based company that began its operation in 1983. Its products include Salmon trout and Atlantic salmon among others.  
The company's annual revenue is about $479 million.  
Research StrategyTo identify 5 top players in the farmed salmon market in South America, we began our search by searching for industry reports for a list of key players in the farmed salmon market in South America. We were unable to find industry reports specific to South America. However, we found several global market reports identifying global key players in this industry, including the South American region. Thus, we compiled a list of these key players and scoured through their websites to determine if they supplied the South American market. We assumed that since these companies have been identified as global key players by several market reports such as Farmed salmon Market 2019 and Farmed salmon Market 2020 among others, they will also be key players in the South American market. Through this search, we found companies such as Mowi, Cooke Seafood, Multiexport Foods SA, Cia Pesquera Camanchaca, Cermaq (Mitsubishi Corp.) and AquaChile among others. Then, we selected the top 5 based on those with the highest revenue.  

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Key Players - Farmed Salmon Market: Global

Five of the top players in the farmed salmon market (all varieties) globally are Mowi, Agrosuper, Cermaq, SalMar, and Lerøy Seafood Group. 
Five, Top Players in the Farmed Salmon (All Varieties) Market GloballyMowi This link is to Mowi's website.
Mowi provides the following description of its operations on its Linkedin profile: "Mowi, formerly known as Marine Harvest, is the largest producer of farm-raised salmon in the world. 
As the first global seafood company with an end-to-end supply chain, Mowi’s ownership over every stage of production enables it to bring supreme quality salmon to consumers around the world. 
With headquarters in Bergen, Norway, Mowi employs over 14 500 people in 25 countries worldwide, and is listed on the Oslo Stock Exchange." 
A 2019 article published by MercoPress stated that Mowi is "[t]he world's biggest salmon farming company." 
The aforementioned statement is corroborated by data from 2016 (the most recent we could find that compared top players side-by-side), which showed that Marine Harvest (now Mowi) had the largest volume of salmon harvest globally that year (approximately 375,000 gutted weight tons (gwt)). 
Agrosuper This link is to Agrosuper's website.
The company states that it's "the first producer of animal protein in Chile with a strong presence in the international market." The company was established in 1960. Agrosuper has over 15,000 employees and is headquartered in Rancagua, Chile.
A 2018 article published by Global AgInvesting stated that Agrosuper is "the second largest [salmon farmer] in the world after . . . Marine Harvest [now named Mowi]." 
The aforementioned statement is corroborated by data from 2016 (the most recent we could find that compared top players side-by-side), which showed that AquaChile (which Agrosuper acquired in 2018 for a total price of $850 million) had the 10th-largest volume of salmon harvest globally that year (approximately 50,000 gwt). 
Through the acquisition of AquaChile in 2018, Agrosuper became "the second largest" salmon farmer globally. 
Cermaq This link is to Cermaq's website.
The company "is a fully owned subsidiary of Mitsubishi Corporation." Cermaq has been in business since 1995. The company maintains "farming operations in Canada, Chile and Norway, and sales offices also in Japan, the U.S., and France." 
Cermaq has approximately 4,000 employees and is headquartered in Oslo, Norway.
Mitsubishi Corporation states that Cermaq is "the world's 3rd largest salmon farmer." 
The aforementioned statement is corroborated by data from 2016 (the most recent we could find that compared top players side-by-side), which showed that Cermaq had the third-largest volume of salmon harvest globally that year (approximately 150,000 gwt).
SalMar This link is to SalMar's website.
SalMar was founded in 1991. The company maintains substantial operations for fish farming in Norway, Iceland, and Scotland. SalMar operates as "a vertically integrated aquaculture enterprise."
SalMar is "[o]ne of the world’s largest and most efficient producers of farmed salmon." 
The aforementioned statement is corroborated by data from 2016 (the most recent we could find that compared top players side-by-side), which showed that SalMar had the fourth-largest volume of salmon harvest globally that year (approximately 130,000 gwt).
Lerøy Seafood Group This link is to Lerøy Seafood Group's website.
The company provides the following description about its operations: "Lerøy Seafood Group is a world-leading seafood corporation with a history reaching back to 1899. The Group´s core business is the production of salmon and trout, catches of whitefish, processing, product development, marketing, sale and distribution of seafood. Every single day, all year round, our 4,500 employees deliver seafood corresponding to five million meals."
The company is headquartered in Bergen, Norway.
A 2019 article in Fish Farmer Magazine stated that Lerøy Seafood Group is "one of the world’s largest salmon farming companies." 
The aforementioned statement is corroborated by data from 2016 (the most recent we could find that compared top players side-by-side), which showed that Lerøy had the second-largest volume of salmon harvest globally that year (approximately 160,000 gwt).
Research StrategyThe metric we used to identify five of the top players in the farmed salmon market globally was a combination of express statements (e.g. Company A is the largest salmon farmer globally) and harvest volume data. We chose that combination metric because it clearly identified five of the top players based on harvest volume.

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Key Players - Farmed Seafood Market: Global

Thai Union Group, Mowi ASA, Cooke Aquaculture Inc, Lerøy, and Cermaq are the top five players in the farmed seafood market globally.
Key Players in the Global Farmed Seafood MarketThai Union Group Thai Union Group was established in 1977 as a processor and exporter of canned tuna which has grown to include a global variety of consumer brands.
The revenue of Thai Union is THB 133.3 billion ($4.21 billion)
Mowi ASA Mowi ASA is one of the largest global seafood market. It is the largest producer of Atlantic salmon in the world. It was founded in 1964 and has 14,537 employees in 25 countries.
The revenue of Mowi is EUR 3.8 billion ($4.11 billion).
Cooke Aquaculture Inc Cooke Aquaculture Inc. is a Canadian-based vertically-integrated aquaculture company. It has salmon farms in Atlantic Canada, the United States, Chile, and Scotland. It also has seabass and seabream farms in Spain.
The revenue of Cooke is $2.4 billion
.
Lerøy Seafood GroupLerøy Seafood Group is a leading seafood company founded in 1899. It produces salmon, trout, and whitefish. It has 4,500 employees.
The revenue of Lerøy is NOK 20 billion ($2.14 billion).
Cermaq Cermaq is a salmon farming company with operations in Chile, Canada, and Norway, and sales offices in Japan, the US, and France. 
The revenue of Cermaq is NOK 10 billion ($1.07 billion).
Research StrategyWe found the top players in the global farmed seafood market, also known as the aquaculture market. Over 20 companies were found from three market research reports. We then searched for the annual revenue of each company in order to select the top five companies. We used revenue as the metric for selection because it is readily available and the market size indicates the total revenues in a particular market.

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Key Players - Farmed Seafood Market: North America

Five of the top players in the farmed seafood market in North America based on annual revenue are Cooke Seafood, High Liner Foods, Mowi, Beaver Street Fisheries, and Eastern Fish Co. Details for these companies are below. 
Cooke SeafoodThe website for Cooke Seafood can be found here. 
Cooke Seafood is the largest seafood supplier in North America and among other products, is known for producing "quality farm-raised salmon."
This company also sells "wild-caught salmon, scallops, oysters, shrimp, sea bass, sea bream, crab," and other seafood products.
In 2017, Cooke Seafood earned $1.37 billion in annual revenue. 
High Liner FoodsThe website for High Liner Foods can be found here. 
While most of High Liner Foods' seafood is caught in the wild, it is "recognized as a global leader in driving best practice improvements in wild fisheries and aquaculture," which includes producing farmed seafood products.
This company is a "major supplier of private-label, value-added frozen seafood products to North American food retailers and foodservice distributors."
In 2017, High Liner Foods earned $1.05 billion in annual revenue. 
MowiThe website for Mowi can be found here.
Mowi, formerly Marine Harvest USA, focuses on "the sales and marketing of farmed salmon throughout North America on behalf of its parent company," Mowi ASA.
Mowi ASA is the world's largest producer of Atlantic salmon and sells its products in more than 70 countries worldwide.
In 2017, Mowi earned $552.4 million in annual revenue.
Beaver Street FisheriesThe website for Beaver Street Fisheries can be found here.
Beaver Street Fisheries offers farm-raised seafood options such as tilapia, Norwegian salmon, Chilean Atlantic salmon, catfish, pangasius, and red fish.
The company also offers other seafood products such as shrimp, scallops, wild caught fish, lobster, and crab.
In 2017, Beaver Street Fisheries earned $520 million in annual revenue.
Eastern Fish Co.The website for Eastern Fish Co. can be found here. 
Eastern Fish Co. delivers quality seafood products to customers and suppliers in North America. Its products include farm-raised shrimp, scallops, crab, lobster, wild-caught Pollock, wild-caught salmon, and wild-caught cod.
It is a "leader in delivering value-added products to food service providers," including farm-raised Mexican shrimp, which is "generally considered some of the best quality shrimp in the world."
In 2017, Eastern Fish Co. earned $440 million in annual revenue.

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Key Players - Farmed Seafood Market: South America

The new AquaChile, Mitsubishi / Cermaq, Salmones Multiexport, Mowi, and Blumar are top players in the farmed seafood market in South America by production volume.
"New AquaChile" (Agrosuper)Based in Puerto Montt, Chile, AquaChile produces its salmon and trout in the regions of Araucanía, Aysén, Los Ríos, Los Lagos, and Magallanes de Chile, and grows its Tilapia in Costa Rica. AquaChile's target markets include the United States, Europe, Japan, China, and Latin America.
The Chilean agro-food giant, Agrosuper, integrated AquaChile, Los Fiordos, Friosur, and Salmones Magallanes to create the new AquaChile, which officially launched on April 2, 2019.
Total salmon production volume in Chile: 109,000t 
Mitsubishi / Cermaq Cermaq has its headquarters in Oslo, Norway, but also operates in Canada and Chile. A global supplier of sustainable, safe, and secure farmed salmon (including trout and coho), Cermaq became a subsidiary of Mitsubishi Corporation in 2014 and is the third-largest salmon farmer in the world. Cermaq Chile's central office is in Puerto Montt, Chile.
Total salmon production volume in Chile: 66,000t 
 Salmones Multiexport Based in Puerto Montt, Chile, Salmones Multiexport is a seafood company that provides its global customers with sea snails, crabs, abalone, hake, as well as salmon products.
Total salmon production volume in Chile: 64,800t 
 Mowi Mowi is one of the leading seafood companies and the largest producer of Atlantic salmon in the world. It operates in 25 countries, including Chile.
For its operations in Chile, Mowi's head office is in Puerto Montt. Mowi Chile employs over 800 people and is one of Chile's pioneering aquaculture companies, operating mostly in the Los Lagos and Aysén regions.
Total salmon production volume in Chile: 53,200t 
 Blumar Blumar Seafoods is a world-class fishing and aquaculture organization. Its fishery products include frozen horse mackerel, fishmeal, and fish oil, while it sells fresh and frozen salmon mainly to the United States, as well as Brazil and Latin American countries, Europe, and Asia. 
In Chile, its offices are in Santiago, Talcahuano, Puerto Montt, and Punta Arenas. It is also located in Miami, Florida.
Total salmon production volume in Chile: 47,600t 
Research StrategyTo identify key players in the South American farmed seafood market, we searched through industry reports and research articles on the South American industry, but couldn't find any report that focused on farmed seafood specifically. There was a paid report on the key seafood players in Latin America, but there was no indication that it was focused on farmed seafood. We, however, found that Chile is South America's largest producer in the aquaculture industry with a focus on Atlantic salmon, as well as Rainbow trout, and Chilean blue mussel. We also found that farmed salmon is the second-biggest export for Chile, after copper.

Extrapolating from these findings, we have assumed that salmon is the primary product of the South American aquaculture industry, and as such, the top producers of farmed salmon in the region would constitute key players in the South American farmed seafood market.

In line with our above findings and assumption, according to Mowi's Salmon Farming Industry Handbook 2019, farmed salmon is only produced in Norway, Chile, UK, North America, Faroe Islands, Ireland, New Zealand, and Tasmania. Because Chile is the only South American nation that produces farmed salmon, we focused on identifying the top five players in the Chilean industry. The handbook identified the top ten players in Chile by production volume in tonnes GWT. We then selected the top five players. Note that for some of these companies, production in Chile is only a part of their operations as they operate in other countries. The top players are, however, identified strictly by their production volumes in Chile.