So far, 2023 has not been a stellar year for land-based salmon projects.

While companies such as Atlantic Sapphire have missed production and financial targets, others in the United States are switching to yellowtail and shrimp, saying these species are more amenable to land-based farming indoors.

But despite land-based salmon's ongoing challenges toward commercialization, investors remain interested in the sector for one critical reason, according to David Branch, Wells Fargo Food & Agribusiness sector manager: the global production of salmon cannot keep up with growing demand.