It is widely accepted that in order to sustain and feed the rapidly growing population in the decades to come, aquaculture is vital – however companies should not just see this as an opportunity but rather as an “obligation,” according to Arne Mogster, CEO of Austevoll Seafood.

“Opportunity is not what this business is about,” he said. “It is an obligation being in this sector, to produce food for people.”

Austevoll Seafood, which is present in both salmon farming and wild catch, has a market cap today of NOK 21.8 billion and employs 7,000 people in 18 countries.

But to sustain population growth, “this growth must come from aquaculture.” By 2050, in Norway alone, the sector could create value that far exceeds today’s oil and gas exports.

But the question is how to achieve this growth, said Mogster.

It is important to look to history when shaping the future, “but this is not enough and we need to look at current trends,” he said.

Specifically he referred to the increasing focus on sustainability, and more demanding regulatory conditions.

“Sustainability is the core driver in our operations, and we look at four different factors: environmental, social, financial, and the longterm political framework.”

With feed conversion rates and emission rates six to seven times better than cattle farming, the aquauclute is already doing much better than other proteins.

“It is easy for the industry to say they are leaders, but we are not and we definitely need to improve,” said Mogster.

“But nobody knows the importance of being sustainable better than the industry itself, we can see it on the bottom line, if we want to grow, we have to behave and have to invest in sustainability.”

Additionally, the sector cannot rely on feelings but rather management based on knowledge and facts which reduce uncertainty and increases value creation.

But overall, the sustainable development of the seafood sector relies on everyone “swimming in the same direction,” said Mogster.

Aquaculture

Austevoll CEO: Growing aquaculture is an obligation not just opportunity