Japanese trading giant Mitsubishi has announced a significant expansion of its salmon farming portfolio through the acquisition of businesses in Norway and Canada, underlining its commitment to strengthening its foothold in the global food sector with an emphasis on protein.
Amid volatile fossil fuel markets and the pursuit of stable revenue streams, Mitsubishi and other Japanese conglomerates have increasingly diversified into the food industry, anticipating sustained demand driven by global population growth.
“Securing food resources has become a critical global challenge in recent years, propelled by population increases,” Mitsubishi stated.
The acquisition, valued at 10.2 billion Norwegian crowns (US$988.3 million), involves three companies owned by Norwegian seafood producer Grieg Seafood ASA. The deal was executed through Cermaq Group, Mitsubishi’s salmon farming subsidiary with existing operations in Norway, Canada and Chile.
The move is set to raise Cermaq’s annual salmon production from its current level of approximately 200,000 tonnes to an estimated 280,000 tonnes by fiscal 2027, positioning the group as a key player in the industry.
Salmon remains one of the most popular sushi ingredients in Japan, yet the majority of supplies are imported from countries such as Norway and Chile. In response, Japan has set a target to increase the proportion of locally sourced seafood it consumes to 94 per cent by 2033, from 54 per cent at present.
In a similar development, Marubeni began marketing salmon last October from a farm operated near Mount Fuji in partnership with a Norwegian company, adding to the growing seafood ventures where competitors Mitsubishi and Mitsui are also active.
-Reuters
