The Chilean salmon farming industry is being urged to adopt a four-pronged development plan to help it better compete against rivals in Norway, Scotland and Canada.

Failure to do so could cost Chile, which produces around 30 percent of the world's farmed salmon, its status as one of the world's leading salmon producers by 2050.

That's according to an in-depth study commissioned by the Chilean Salmon Council trade association, whose members -- AquaChile, Cermaq, Mowi, Salmones Aysen and Australis Seafoods -- represent more than 50 percent of Chilean production.