Mowi ASA

Controlling 20-29% of global Atlantic salmon harvest means engineering aquatic ecosystems at industrial scale. Mowi produced 502,000 tons of salmon in 2024 generating EUR 5.62 billion revenue, with 2025 harvest targets at 530,000 tons rising to 605,000 tons by 2026—volumes that position the company not just as market leader but as ecosystem architect across seven countries and three oceans. The Bergen-based operation employs 11,800 people managing the complete life cycle: hatcheries, sea farms, processing, distribution—vertical integration that mirrors how coral polyps control their environment from symbiotic zooxanthellae to calcium carbonate structure. Coller FAIRR ranks Mowi the most sustainable listed animal protein producer globally, a designation that highlights the central tension in aquaculture: maximizing yield while minimizing ecological disruption in a system where salmon density, sea lice control, feed efficiency, and coastal ecosystem health form tightly coupled feedback loops. The company's recent acquisition increasing Nova Sea ownership from 49% to 95% demonstrates territorial expansion into Norway's production area 8, strategic positioning in regulatory frameworks that cap total biomass per zone. Unlike wild salmon navigating ocean gyres and river systems through evolutionary programming, Mowi's salmon exist in constructed niches—their growth rates, disease resistance, and market timing controlled through selective breeding and environmental management that would make any ecosystem engineer envious. The business model is fundamentally about manufacturing protein through biological intermediaries at scales that transform marine regions into food production systems.