Norcod planning sevenfold growth by 2027

Cod farming company Norcod has set out a long term business strategy for sustained major growth.

The Norwegian-based business said in its annual report that it is experiencing increased demand for year-round stable deliveries of fresh cod.

It announced that it is targeting a near sevenfold increase in its annual harvest by 2027.

“The global market demands stable deliveries of fresh cod, and for the first time, high quality farmed cod has been produced on a larger scale and delivered to the market. With wild fish stock under pressure and fishing quotas for cod being cut,” the report says.

CEO Christian Riber told investors: “We have strategically positioned our production facilities in the natural cold-water habitat along the coast of Central and Northern Norway, where we will establish new farm locations in the coming years to execute our long-term business plan.

“We have set a target of approximately 25,900 tonnes (whole fish equivalent ) annual harvest in 2027.

“The global market demands stable deliveries of fresh cod, especially with wild fish stocks under pressure and fishing quotas for cod being reduced.

“As a leading producer of farmed cod, Norcod aims to fill this gap in the market and provide high-quality and fresh cod throughout the year.”

CEO Riber said Norcod’s commitment to the entire value chain, from production to market, ensured stability and control in every segment, setting the stage for solid industrial growth in the years ahead.

“We are proud to have assembled a team of experienced aquaculture professionals who bring their expertise from the salmon farming industry to our cod farming operations.

“Additionally, we have seen a rise in interest and have established apprenticeships for students in aquaculture education, further contributing to talent development in the industry.”

Norcod’s core business area lay in the sea-phase of the cod farming value chain, where the fish grow from 0.1 to 3.5-4 kg in its  commercial marine production sites.

He added: “We recognise the importance of integration in the value chain and are actively pursuing partnerships and collaborations with vendors and partners to ensure control and involvement in all stages of production.

“By owning segments of the value chain, we can significantly reduce production costs and strengthen our competitive advantage.

“Our commitment to economic, social, and environmental sustainability is unwavering. We believe that more of the world’s food production should come from the ocean, and through our dedication to people, cod, nature, innovation, and profit, we aim to fulfil this vision responsibly.”

Christian Riber, CEO Norcod