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SalMar ASA SWOT & PESTLE Analysis

ID : 52957853| Jun 2021| 20 pages

COMPANY PROFILE -SalMar ASA

Business Sector :Aquaculture, Food Processing

Operating Geography :Norway, Europe, Global

About SalMar ASA :

SalMar is a Norwegian fish farm company founded on 8th of February 1991, headquartered in Froya, Norway. It is one of the world's largest producers of farmed salmon. The company's main activities include marine-phase farming, brood fish and smolt production, processing and sale of farmed salmon. It holds a hundred license for production of Atlantic salmon in Norway, located in Trondelag, Nordmore and through its subsidiary Senja Sjofarm AS, Troms. Since its inception in 1991 SalMar has developed into a vertically integrated aquaculture enterprise, whose production stretches from roe/ brood fish to the sale of finished products. SalMar has grown from being a single company with one license for the production of farmed salmon in Norway to a full-scale international company with farming activities in Norway, Iceland and UK with sales offices dotting Asia too. In early 2021, the company secured NOK 7.5 billion in green financing, which will be employed for fueling sustainable growth. SalMar co-owns 50 per cent of the shares in Scottish Sea Farms Ltd. In April 2021, the Norwegian farm fish producer clinched a long-term initial corporate credit rating of A- with a stable outlook from Nordic Credit Rating, and secured a Medium Green classification from Cicero, the world’s leading provider of second opinions on green financing.
SalMar’s USP or unique selling price lies in being one of the world’s largest and most efficient producers of farmed salmon. SalMar’s mission statement reads “to be the world's best aquaculture company. SalMar’s vision statement reads “passion for salmon,” which implies that decisions related to production will be resting on the pedestal of passion for salmon. Fish farming will be undertaken in an environment which is most conducive to their wellbeing.

SalMar ASA Revenue :


NOK 12,912.3 million - FY ending 31st December 2020 (y-o-y growth 5.5%)
NOK 12,237.6 million - FY ending 31st December 2019

Competitive Analysis of SalMar ASA

SWOT
PESTLE

The SWOT analysis for SalMar ASA is presented below in a matrix followed by the detailed analysis report:

StrengthsWeaknesses
1. Norway is the world leader in Salmon production and SalMar ASA is one of the market leaders.
2. Owns majority stake in other firms that dominate the markets of Iceland and the UK
1. Aquaculture Market is very strongly dominated by Asia-Pacific by a wide margin.
2. SalMar focuses only on one product (salmon) which forms only 3.11% of world aquaculture
OpportunitiesThreats
1. Establishment of SalMar Ocean AS, a subsidiary for offshore fish farming, will aid in leading the offshore market as well.
2. Government support to Smart Fish Farming projects will help production in the open ocean.
3. Partnership with Kruger Kaldnes to build the world’s largest fish hatchery will boost sales.
4. Aquaculture is the world’s fastest growing food production market
1. COVID-19 (and its potential resurgence) may cause further damage to operations.
2. Chances of an ‘Economic Rent Tax’ by the Government could harm investment and raise costs.
3. Rise of veganism and plant-based seafood alternatives could potentially harm business.
4. Salmon prices in Norway continue to stay low resulting in lower revenues.
5. Climate change massively impacts the aquaculture industry.
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Detailed SWOT Analysis of SalMar ASA

Strength

1. Norway is the world leader in Salmon production and SalMar ASA is one of the market leaders: Norway is attributed as the world’s largest producer of Salmon. The country contributes over 54% to the global Salmon supply. The conditions and availability of Salmon in the country’s water bodies have made Salmon farming one of the major and profitable occupations for its citizens. SalMar sits in the top five positions of the companies which are the largest farmers of Salmon globally. As of 2019, SalMar accounted for around 1, 50,000 tonnes of Salmon farming. The company has increased its capacity over the period with gathering experience and expertise. SalMar has grown in terms of business and operations; which enable the company to increase the output of Salmon farming.

2. Owns majority stake in other firms that dominate the markets of Iceland and the UK: SalMar owns stake in various farming companies situated in the Iceland and the UK. SalMar owns 51% stake in the Icelandic Salmon AS and 51% stake in the UK’S Norskott Havbruk AS. These companies further have stakes invested in other companies and subsidiaries in various other countries of Europe. All of such farming firms contribute to the profit levels of SalMar and also, helps the company to expand geographically and serve more customers in the global market. These factors have made it possible for the company to increase its Salmon output to meet the increasing demand of Salmon in the international market.

The remaining section under "Strengths"is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Mowi
  • Leroy Seafood Group
  • Cermaq Group
  • Tassal Group
  • Huon Aquaculture
  • Bakkafrost
  • Cooke Aquaculture

Major Brands :

  • Icelandic Salmon AS
  • ArnarlaxEhf
  • NorskottHavbruk AS
  • Scottish Sea Farms
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References used in SalMar ASA SWOT & PESTLE Analysis Report

1. SalMar Annual Report 2019 - https://ml-eu.globenewswire.com/Resource/Download/74e5d277-5302-41ee-af23-4a7785858807
2. Distribution of salmon production worldwide in 2018, by leading country - https://www.statista.com/statistics/1182142/leading-salmon-producers-worldwide/
3. These are the 20 biggest salmon farmers in the world - https://salmonbusiness.com/these-are-the-20-biggest-salmon-farmers-in-the-world/
4. Company Website - https://www.salmar.no/en/about-salmar/
5. A 20-year retrospective review of global aquaculture - https://www.nature.com/articles/s41586-021-03308-6#Sec2

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SWOT & PESTLE.com (2021). SalMar ASA SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/salmar-asa/ [Accessed 13 Jun, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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SalMar ASA SWOT and PESTLE Analysis has been conducted by Medha Sinha and reviewed by senior analysts from Barakaat Consulting.

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