Salmon farming companies dominated the top 10 list of sustainable protein investments in a newly released annual ranking from investment consortium Coller FAIRR.

Coller FAIRR, whose members account for $48 trillion (€42 trillion) in managed investments, ranks protein producers on a range of risk factors, using publicly available data such as company earnings report to track progress on environmental, social and governance (ESG) issues.

In addition to Mowi, the top 10 included salmon farmers Grieg Seafood, Leroy, Camanchaca, Bakkafrost, Multi X, and SalMar.

Brazilian beef conglomerate Marfrig ranked No. 2 on the list, and was joined by UK pork producer Cranswick and New Zealand dairy giant Fonterra.

Other seafood companies also performed well on the ranking, with Cooke-owned salmon farmer Tassal Group joining the top 10, as well as Thailand's CP Foods, a producer of shrimp and aquaculture feed, and Brazil meat giant JBS, which owns Australian salmon farmer Huon.

Other seafood producers were few and far between among the remainder of the list of 60 companies, however.

Thai Union was ranked 23rd, while Japanese giant Nippon Suisan Kaisha (Nissu) was 26th.

Despite the performance of salmon farmers, FAIRR has cautioned that feed sustainability remains an issue that needs addressing.

Earlier this year, FAIRR launched an engagement program asking eight global salmon companies to develop and disclose strategies for diversifying feed ingredients towards lower impact and more sustainable alternatives.

In an interview earlier this year, FAIRR Initiative Research and Engagement Manager Lily Stuart told IntraFish the salmon farming industry needs to prioritize feed sustainability.

"Climate risk, price hikes and supply issues in both marine-and soy-based feed will increase pressure on producers’ margins and make salmon farming less attractive to investors," said Stuart.

"If the industry is to continue growing at the rate it forecasts, feed ingredients must be supplemented with novel alternatives."