Aquaculture: Multiple business opportunities in a growing industry

Fiskehelserapporten is an annual in-depth analysis of fish health and welfare in Norwegian aquaculture. The report has been published by the Norwegian Veterinary Institute for 20 years and the findings offer valuable insights into the challenges and opportunities shaping the future of the seafood industry.

- The global market for farmed seafood is growing. “Fiskehelserapporten 2024” shows how the Norwegian salmon needs to solve several industry challenges and come up with solutions that align with growing consumer demand for sustainably farmed fish. The seafood ecosystem in Greater Bergen is the place to be if you have something to bring to the table, says Tone Hartvedt in Invest in Bergen.

She encourages all industry players to look into the report and see how they can seize the opportunities for sustainable growth in aquaculture. Read the report in full here.

The annual “Fiskehelserapporten” monitors provides an in-depth analysis of fish health and welfare in Norwegian aquaculture. The 2024 edition points out that the salmon morality is decreasing. However, the industry has several challenges that unlocks business opportunities. Collaboration and innovation are necessary to secure growth in the salmon business. Photo: Havforskningsinstituttet. 

Key findings  

The Norwegian aquaculture industry is committed to sustainable practices, with strict environmental and welfare regulations. The goal is “welfare-first”: A healthy and happy fish is also a profitable fish.  The industry invests heavily in R&D for aquaculture, focusing on improving fish health, reducing carbon footprints, and adopting innovative technologies like AI and IoT.  

The “Fiskehelserapporten” serves as a comprehensive overview of fish health, diseases, and welfare trends in the aquaculture industry. The report highlights fish disease trends, with detailed data on disease prevalence and emerging health threats and analysis of water quality, temperature fluctuations, and their effects on fish health.

The report also analyses how new technology like, advances in monitoring, treatment, and sustainable farming practices influences the business. Lastly, the report assesses policies aimed at improving fish welfare and reducing mortality.  

This year, a positive finding is the decrease in fish mortality. The same is true for several virus diseases. However – the industry still has problems from sea lice: The sea lice is causing mortality both in sea, but also as an effect of treatment.

- The industry still needs to improve fish health and welfare, concluded Ingunn Sommerset, acting department director in Veterinærinstituttet as they released the report. She also added that Vetrinærinstituttet keeps a close look on an increase in bacterial diseases.

Business opportunities  

The insights from “Fiskehelserapporten 2024” underscore several business opportunities for Bergen-based companies and international investors:  

• Disease prevention and treatment: Increasing demand for vaccines, diagnostic tools, and sustainable treatments.  
• Data-Driven fish health management: Innovations in AI-driven health monitoring and predictive analytics for aquaculture.  
• Environmental monitoring solutions: Technologies for water quality monitoring, waste management, and ecosystem protection.  

Why Greater Bergen is the ideal hub  

Norway is a global seafood provider, as the second-largest seafood exporter in the world.  Norwegian aquaculture is valued at over NOK 130 billion annually, mainly from salmon and trout. The fish is exported to more than 150 countries.   

The largest aquaculture companies have their HQs in Bergen. Further the seafood ecosystem in Greater Bergen consists of world-class research institutions, a diverse aquaculture sector, and seafood clusters, making it uniquely positioned to capitalize on these opportunities. Companies in Bergen can leverage collaboration with organizations like the cluster organization NCE Seafood Innovation, the ocean incubator 70Blå and research institution Havforskningsinstituttet to bring innovative solutions to the global market.  

A great example of a collaboration is AquaCloud - a big data project anchored in the industry’s need to solve common challenges in order to achieve sustainable growth. It has transformed from being a pure sea louse forecasting asset to become a hub of industry activities including companies from multiple sectors in the industry.

Don’t hesitate to contact any of our advisors if you would like to be introduced into this ecosystem.