The FAIRR Initiative’s latest analysis determined seven of the world’s largest salmon-farming companies are facing a “critical constraint,” as overreliance on declining wild-caught sources for fishmeal and fish oil (FMFO) are hampering growth, making it imperative that producers diversify feed sources and product portfolios.
The global investor network’s recent study, “De-risking Salmon Feed: The Wild-Caught Fish Dilemma,” was released ahead of the 2025 UN Ocean Conference in France after a four-year engagement with producers Bakkafrost, Grieg Seafood, Lerøy Seafood, Mowi, Multi X, SalMar, and Salmones Camanchaca.
The report predicts that with farmed salmon production predicted to grow 40 percent by 2033 and with nearly 90 percent of wild fish stocks already overexploited or fully exploited, the industry will face intensifying pressure to secure sustainable feed sources. Additionally, weather patterns and climate change could also reduce the availability of fish stocks and, therefore, increase FMFO price volatility.
FAIRR said companies’ dependency on a limited and increasingly strained resource exposes investors to material supply chain risks that could undermine long-term growth and profitability.
Following the release of the analysis, FAIRR’s Oceans Program Manager Laure Boissat told SeafoodSource that in addition to this “very real operational risk” of not having enough input for salmon feed, there are also regulatory and reputational risks associated with feeding wild-caught fish to farmed fish.
“There may be sourcing restrictions on forage fish, limiting the supply available to producers,” she said. “Furthermore, feeding millions of tons of FMFO to farmed animals when these could be consumed by people is wasteful and raises concerns about food security – especially as 90 percent of fish used in FMFO could be used for food.”
She also highlighted that during the cancellation of Peru’s first anchovy fishing season in 2023, fish oil prices reached USD 9,200 (EUR 8,077) per metric ton (MT) in November 2023, a 107 percent year-over-year increase.
“This event exemplified the clear risk for producers and investors that the salmon industry relies on a finite resource, which leads to high price volatility. To mitigate this risk, diversifying ingredients away from FMFO is highly needed – prioritizing plant-based ingredients in order to limit pressure on marine resources,” Boissat said.
