"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," said Per Helge Devold, Chairman of the Global Aquaculture Tech Hub (GATH).
Photo: Menon / GATH.
A recent report by Menon Economics has highlighted the immense growth potential in Norway's seafood and aquaculture industries, revealing that value creation within the supplier sector could more than double by 2035.
This promising outlook comes as the industry has already seen a 2.5-fold increase in export value in the first half of 2024 compared to a decade ago, underscoring its significance to Norway's economy.
Menon's findings reveal that for every billion Norwegian kroner of increased value creation in aquaculture, the supplier industry could see an additional NOK 700 million in value. The report identifies new production technologies, such as low-emission sea-based solutions and land-based aquaculture, as key areas for expansion, alongside the cultivation of species like halibut and cod.
"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," said Per Helge Devold, Chairman of the Global Aquaculture Tech Hub (GATH), whose 27 members include Salmon Evolution and Atlantic Sapphire.
"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 given that the domestic market is given framework conditions and predictability for development and growth," Devold added.
Despite this positive outlook, the report also notes that while global aquaculture production is expected to grow rapidly, Norway’s growth may not keep pace. The domestic supplier industry, however, has the potential to thrive by securing export contracts abroad, Menon suggests.
The CEO of Norwegian government-backed Export Finance Norway (Eksfin), Tone Lunde Bakker, underscored the importance of the marine industry as one of Norway’s top export sectors, stating that the report reaffirms the sector's growth potential. "The marine industry is one of our most important export industries and has long been an investment area for Eksfin. Menon's report makes it clear that there is still great growth and export potential in this industry," she said.
"Eksfin has around ten billion in active guarantees and loans for the aquaculture industry and a dedicated team that helps the supplier industry secure export contracts abroad," Bakker added.
In terms of employment, the aquaculture sector and its suppliers provide 18,700 jobs across Norway, with the largest concentrations in Vestland, Møre og Romsdal, and Trøndelag counties. Even Oslo benefits from the ripple effects of this industry, the report states.
According to the Menon report's most optimistic scenario, the value creation within the supplier industry is projected to more than double by 2035, further solidifying Norway’s position as a global leader in the sector.
