Mitsubishi Strengthens Salmon Farming with Acquisitions in Norway and Canada

Japanese trading house Mitsubishi announced on Thursday its plans to expand salmon farming through acquisitions in Norway and Canada. This move highlights the ongoing trend among Japanese companies to diversify into the food sector, particularly focusing on protein sources. As volatile fossil fuel markets create uncertainty, firms like Mitsubishi are seeking stable revenue streams by investing in food production, where demand is anticipated to rise due to global population growth.

The company did not disclose the financial details of the acquisition but confirmed that it has secured three businesses from Grieg Seafood ASA via its subsidiary, Cermaq Group. This acquisition will enhance Cermaq’s salmon production capacity to approximately 280,000 tons by the 2027 fiscal year, a significant increase from the current annual output of around 200,000 tons.

Strategic Growth in the Seafood Market

Salmon is a staple in Japanese cuisine, particularly in sushi, yet most of the salmon consumed in Japan is imported from countries such as Norway and Chile. Recognizing the importance of local sourcing, Japan aims to increase the share of domestically sourced seafood in its diet to 94 percent by 2033, up from the current 54 percent. This strategic focus reflects a growing emphasis on food security and sustainable sourcing amid changing consumer preferences.

Mitsubishi’s expansion comes at a time when other Japanese firms are also investing in the seafood sector. For instance, in October, Marubeni began selling salmon from a farm near Mount Fuji, operated in partnership with its Norwegian counterpart. This indicates a collective effort among Japanese trading houses to strengthen their positions in the food supply chain, particularly in the lucrative protein market.

The moves by Mitsubishi and its competitors demonstrate a commitment to addressing the challenges of food resource insecurity. As global demand for protein continues to rise, Japanese companies are positioning themselves to meet both domestic and international needs, ensuring a stable and sustainable future for the seafood industry.