Retail sales save the day for Mowi

Mowi, the world’s largest farmed salmon producer, saw in 2021 its highest revenue ever at $4.6 billion (€4.2 billion) due to unprecedented retail demand for its value-added products, more than making up for the decline in demand from the foodservice segment.

About half of the increase in the retail segment stems from the acquisition of new customers as a result of foodservice lockdowns, and the other half comes from increased purchasing frequency, the Norway-headquartered producer said.

The company noted that the foodservice segment is now in recovery phase and the further of lifting of pandemic-related restrictions is expected to enhance the segment’s performance.

It expects global supply to be low this year and demand to outpace supply. “This would, under normal circumstances, be supportive of strong salmon prices,” said the company.