Global seafood companies are increasing their public commitments to supply chain traceability, but most still lack credible plans to deliver on those promises, according to a new report conducted by the FAIRR Initiative.
FAIRR’s latest report, “Traceability in Seafood Supply Chains: An Imperative for Investors,” includes the latest updates on Phase 2 of a coordinated investor-focused analysis regarding traceability commitments from seven global seafood groups – Charoen Pokphand Foods (CP Foods), Marubeni, Maruha Nichiro, Mitsubishi, Nissui, Nomad Foods, and Thai Union. The analysis is supported by 45 institutional investors representing USD 9.6 trillion (EUR 8.1 trillion) in assets and is backed by organizations including Planet Tracker, World Wildlife Fund (WWF), and the World Benchmarking Alliance.
The report found that traceability commitments have doubled during the second phase of the analysis, with four of the seven major seafood companies evaluated now disclosing group-level pledges.
“Phase 2 shows clear progress at the level of commitments: Four of the seven companies assessed now have group-level traceability commitments, up from two in Phase 1. However, commitments alone are not sufficient,” FAIRR Initiative Manager of Research and Engagement for Oceans Laure Boissat said. “What is missing is credible execution.”
Boissat told SeafoodSource none of the companies assessed currently disclose “comprehensive, time-bound implementation strategies with clear milestones.” Key gaps include the absence of detailed roadmaps explaining how traceability will be rolled out across entire seafood portfolios, limited interim targets or measurable KPIs, and “very limited third-party verification of traceability systems and data,” she said.
While Maruha Nichiro and Mitsubishi joined Thai Union and CP Foods in disclosing traceability commitments during the latest phase, five of the seven companies still lack robust, portfolio-wide implementation plans. Additionally, two companies – Nissui and Marubeni – disclosed no traceability implementation strategy at all.
“Nissui and Marubeni have not disclosed robust, time-bound traceability implementation plans. Investors view this as a governance and risk management gap,” Boissat said. “Through this engagement, investors are signaling that traceability is a financially material issue, not a reputational add-on.”
FAIRR is warning that companies without robust traceability systems face growing exposure to operational disruption, regulatory non-compliance, and reputational damage, including links to illegal, unreported, and unregulated (IUU) fishing, overfishing, and human rights abuses, all while regulatory pressure to bolster traceability infrastructure is mounting in key markets.
“Companies lacking robust traceability risk market exclusion, supply seizures, and financing restrictions,” Boissat said, pointing to tightening requirements under the E.U. IUU Regulation and the U.S. Seafood Import Monitoring Program. “The risk is, therefore, cumulative and systemic rather than isolated to a single regulation.”
The report also highlighted concerns that traceability implementation is often limited to flagship species such as tuna and shrimp. Thai Union, for example, has detailed disclosure on traceability for these species, but less clarity elsewhere in its portfolio.
“Focusing on flagship species such as tuna and shrimp – while positive – creates some blind spots. Even if 90 to 99 percent of a portfolio is traceable, serious environmental or human rights violations can occur in the untraced fraction. From an investor perspective, that small percentage can carry disproportionate regulatory, and reputational exposure,” Boissat said. “Leading practice requires full-chain, digital, interoperable traceability aligned with standards such as the [Global Dialogue on Seafood Traceability], covering scope, depth, breadth, and form,” she said. “In short, companies must now move from ambition to implementation.”
The FAIRR report argues that weak implementation also results in companies missing a significant commercial opportunity, with Boissat pointing to Planet Tracker estimates finding that investing just 1 percent of seafood sales into traceability systems could increase industry-wide profitability by around 60 percent, equivalent to USD 600 billion (EUR 507 billion).
“The projected 60 percent uplift in industry-wide profitability … comes from a combination of cost savings, operational improvements, and risk reduction, rather than a single lever,” she said, citing reduced food recalls and waste, improved procurement decisions, and lower exposure to regulatory and reputational shocks.
All seven companies assessed source at least some certified seafood under schemes such as the Marine Stewardship Council (MSC) and the Aquaculture Stewardship Council (ASC), but FAIRR cautions that certification alone is not sufficient.
“Certifications and traceability are complementary, not interchangeable,” Boissat said. Chain of Custody systems typically provide “one step up, one step down” visibility but do not offer end-to-end transparency.
“Investors should view a company’s reliance on certification as a positive baseline – but insufficient for fully managing systemic risks such as IUU fishing or human rights abuses,” she said. “Full-chain, digital, interoperable traceability, aligned with GDST standards, provides a more robust risk management tool.”
Nevertheless, Boissat acknowledged that MSC and ASC are now enhancing their traceability efforts and aligning more closely with GDST standards.
FAIRR said overall progress to date has been driven primarily by coordinated investor pressure, combined with technical capacity-building sessions delivered by WWF US.
For Phase 3 of the engagement, launching in May 2026, expectations will rise further.
By the end of Phase 3, FAIRR expects to see time-bound, portfolio-wide implementation plans covering all seafood and feed inputs; clear interim milestones and KPIs; alignment with GDST standards; digital, interoperable systems embedded in corporate risk management; and independent, system-level third-party verification.
“The conclusion of our Phase 2 report makes clear that traceability determines financial resilience and competitive advantage,” Boissat said. “Closing the traceability gap will mean demonstrating not just policy commitments – but measurable, verified execution across entire seafood portfolios.”
