July 17, 2025

Mitsubishi Corporation Acquires Norwegian Salmon Farming Company to Bolster Global Position and Secure Food Supply

Mitsubishi Corporation has announced a major strategic move to acquire a leading Norwegian salmon farming company for approximately 150 billion yen (about USD 950 million). This acquisition represents a significant expansion in Mitsubishi’s seafood operations, increasing its annual salmon production by more than 20% and positioning the company as the second-largest producer worldwide, behind only Mowi of Norway.

A Strategic Investment in Global Food Security

With limited major salmon production regions and a growing global appetite for protein, Mitsubishi's acquisition is also a national move aimed at ensuring Japan's food security. Salmon is considered an environmentally sustainable protein source, requiring far less feed than livestock such as chicken or beef. As a result, its demand is soaring worldwide.

The acquisition includes aquaculture operations across three key regions: Northern Norway, and both the east and west coasts of Canada. Mitsubishi's annual production is expected to grow from approximately 200,000 tons to 250,000 tons, surpassing SalMar of Norway to become the second-largest salmon producer globally. By fiscal 2027, the company aims further to increase production to 280,000 tons through enhanced operational efficiency.

Global Demand for Salmon on the Rise

The demand for high-quality protein is growing due to population increases and economic development in emerging markets. Salmon, in particular, is gaining traction because it produces 30–80% fewer greenhouse gas emissions than traditional meats and requires less feed to farm.

According to Global Information Inc., the global salmon market is projected to grow 1.5 times by 2029, reaching $49.3 billion (approx. 7.33 trillion yen). While salmon has traditionally been consumed smoked or grilled, changing dietary trends, especially in health-conscious markets such as the United States and Europe, have led to a surge in raw salmon consumption, primarily due to the influence of Japanese cuisine.

Tight Supply, Rising Prices, and Licensing Challenges

Approximately 80% of the global salmon supply is farmed, while the remaining 20% is wild-caught. However, aquaculture operations are geographically limited to areas with cold, calm seas, such as Norway and Chile. Chile accounts for roughly 30% of global production, but the government has issued no new large-scale farming licenses in recent years. Norway, responsible for 50% of global supply, restricts new licenses to roughly once every two years. This tight regulatory environment, combined with surging demand, has made it increasingly difficult to acquire new farming rights.

As a result, farmed Atlantic salmon prices have tripled over the past two decades. Despite former U.S. President Trump's tariff hikes on imports from Norway and Chile, U.S. demand remains robust, with both countries continuing to see strong growth in salmon exports to the American market.

Mitsubishi’s Response to Risk: Disease Control and Production Stability

While the long-term outlook for salmon remains positive, aquaculture is not without risk. Price volatility, disease outbreaks, and production variability remain ongoing challenges. Mitsubishi, which previously acquired the Norwegian firm Cermaq, has experienced three consecutive losses in that venture.

To address these issues, the company has invested in advanced disease prevention technologies, including laser systems that eliminate parasites, in an effort to stabilize yields. Similar measures will be adopted at the newly acquired facilities to establish a reliable and sustainable production system.

Japan’s Position in the Global Salmon Market

While Mitsubishi is making major inroads into salmon aquaculture, other Japanese firms are also active. Notably, Mitsui & Co. holds a 24.5% stake in a subsidiary of Chile's Multiexport, currently the eighth-largest salmon exporter worldwide.

With limited expansion opportunities in existing production regions and growing worldwide demand, Japanese corporations are positioning themselves strategically to ensure long-term supply and play a greater role in the evolving landscape of sustainable global protein production.