The Norwegian seafood industry – the value creation in the supplier industry can more than double by 2035

Menon Report: Measured in value, the industry exported about 2.5 times as much in the first half of 2024 compared to what it did ten years ago. Value creation in the aquaculture industry results in significant value creation in the supplier industry. The aquaculture industry in Norway has enormous global growth potential.

Value creation in the aquaculture industry results in significant value creation in the supplier industry.

The value creation in the aquaculture supplier industry was 70 percent of the value creation in the primary production from aquaculture between 2010 and 2020. If this ratio remains, value creation from the supplier industry will increase by 700 million NOK for every billion NOK increase in value creation in aquaculture. The positive contribution from the aquaculture industry to the supplier industry underscores the national ripple effects of this export industry.

“Aquaculture is one of our most important export industries and has long been a focus area for Eksfin. Menon’s report clearly shows that there is still significant growth and export potential in this industry. Eksfin has around ten billion NOK in active guarantees and loans to the aquaculture industry and a dedicated team that helps the supplier industry secure export contracts abroad,” says Tone Lunde Bakker, CEO of Eksfin.

The aquaculture industry in Norway has enormous global growth potential.

The UN’s Food and Agriculture Organization (FAO) expects a 17% increase in global aquaculture production between 2022 and 2032. Menon’s report highlights the growing global middle class as the main driver of this growth. When people are lifted out of poverty, they consume more protein, and when they move into the middle class, they demand healthier protein. Norwegian seafood helps meet this need.

The increase in demand provides the Norwegian seafood industry with several growth opportunities. The industry can continue to grow through increased production of Norwegian seafood, through deliveries to investments in Norway, and through deliveries to investments globally.

With an expected global production growth of 17% over the next ten years, GATH members face unique opportunities for significant growth and value creation for Norway. The Menon report confirms that the increased demand offers great opportunities for expansion both nationally and internationally for the supplier industry—a very positive outlook for the entire industry, provided that the domestic market receives the framework conditions and predictability needed for development and growth,” says Per Helge Devold, Chairman of GATH.