Japan’s Mitsubishi Expands In Salmon Farming With Acquisitions In Norway, Canada

Faced with volatile fossil fuel markets and in search of stable revenue streams, Mitsubishi and its rivals have been diversifying into the food business, where demand is set to grow alongside a rising world population.

‘In recent years, securing food resources has become a critical global challenge driven by population growth,’ Mitsubishi said in a statement.

The acquisition of three companies from Norwegian Grieg Seafood ASA was made via Cermaq Group, Mitsubishi’s salmon farming company with assets in Norway, Canada and Chile.

It will boost salmon production to around 280,000 tonnes in the 2027 fiscal year, up from some 200,000 tonnes produced by Cermaq annually now.

The Acquisition

The acquisition price is 10.2 billion Norwegian crowns (€850 million), Cermaq said in a separate statement.

Salmon is among the most popular sushi items in Japan, but the bulk of it is imported from other countries, including Norway and Chile.

Japan aims to raise the share of locally sourced seafood it consumes to 94% in 2033 from 54% now.

In October, Marubeni began selling salmon from a farm operated near Mount Fuji by its Norwegian partner, adding to the seafood business where its rivals Mitsubishi and Mitsui are also present.

Last year, it was reported that Norwegian salmon farmers were facing challenges from an unusually harsh winter and the El Nino climate phenomenon which led to record fish mortality and concerns over long-term forecasts ahead of a warmer summer.