AnimStok Intelligence · Salmon Sector · Head-to-Head
Mowi vs SalMar vs Grieg Seafood — Revenue, EBITDA & Strategy Compared
The three largest listed Norwegian Atlantic salmon companies — side by side. Revenue, margins, production volume, geographic footprint, and strategic strengths. Data from official company filings.
Geographic Footprint
Mowi ASA
Norway52%
Chile14%
Scotland12%
Consumer Products12%
Canada & Other10%
SalMar
Norwegian Farming68%
Scottish Sea Farms20%
Sales & Industry12%
Grieg Seafood
Rogaland (Norway)40%
Finnmark (Norway)28%
British Columbia22%
Shetland (UK)10%
Why Mowi ASA
Key Facts
- Controls ~20% of global Atlantic salmon supply — #1 globally by far
- Premium EBITDA margin ~25% vs ~5-8% for land-based meat companies
- Salmon farming: 3 years from egg to harvest, unlike 6-8 weeks for broiler
- Norway sets global salmon prices — Mowi's output shapes the entire market
Why SalMar
Key Facts
- Frøya processing plant is one of the most automated salmon plants in the world — 70K+ tonnes/year
- Merged with Norway Royal Salmon (NRS) in 2022, valuing NRS at ~NOK 22B — expanded capacity by ~50%
- Scottish Sea Farms (50% JV with Lerøy) makes SalMar a leading UK salmon producer
- Consistently achieves lower cost per kg than Mowi due to scale and automation in Norwegian operations
Why Grieg Seafood
Key Facts
- Only major salmon farmer with significant production in both Norway AND North America (BC) — unique geographic hedge
- Divested Newfoundland (Canada) operations in 2022 to focus on higher-margin BC and Norwegian regions
- Shetland operations supply premium Scottish-origin salmon to UK and EU premium retail
- Smaller scale means higher cost per kg than Mowi/SalMar — but North American operations command premium prices
The Salmon Market Context
Why these comparisons matter for price discovery
🌊 Global supply is dominated by Norway
Norway produces ~60% of the world's farmed Atlantic salmon. Mowi, SalMar, and Grieg together account for ~35% of Norwegian output — so their production decisions and quarterly harvests directly move spot prices on the Norwegian Seafood Council exchange.
📈 EBITDA margin is the key metric
Salmon margins swing dramatically with spot prices (NOK/kg). A ₹10/kg move in spot price can shift EBITDA margin by 5–8 percentage points. SalMar consistently leads on cost efficiency; Grieg trails due to smaller scale and geographic spread.
🌍 Exchange rates amplify India-origin risk
All three companies report in NOK. Indian importers pay in USD or EUR. A weak INR + strong NOK means Indian seafood importers face a double squeeze. Watch USD/NOK and EUR/NOK alongside spot salmon prices.
🐛 Sea lice & disease are underrated price signals
Regulatory sea lice counts in Norwegian fjords act as a leading indicator of supply constraint. A high-lice season forces slower harvests → tighter spot supply → higher prices. Monitor Norwegian Mattilsynet reports quarterly.
Reference Sources
Mowi Annual Report ↗SalMar Annual Report ↗Grieg Seafood Annual Report ↗Undercurrent News — Salmon ↗Intrafish Salmon Markets ↗Oslo Børs — MOWI.OL ↗Kontali Salmon Market Data ↗
Revenue and margin data from official annual reports. AnimStok is not affiliated with any listed company. Not investment advice.