REPORT BY FAIRR

De-risking Salmon Feed: The Wild-Caught Fish Dilemma

Summary:

Aquaculture is the fastest food production system in the world, and farmed fish have outnumbered wild-caught fish since 2022. Some 70% of salmon are now farmed and production is expected to grow.   

As salmon are a carnivorous species, the cost and make-up of their feed is a critical part of the farming process. Farmed salmon are fed with fishmeal and fish oil (FMFO), predominantly derived from wild-caught fish.  

Since nearly 90% of fisheries are overfished or exploited at maximum levels according to the UN Food and Agriculture Organization, relying on wild-caught fish as feed ingredients poses material operational, regulatory and reputational risks to salmon producers and their investors.  

This report discusses the outcomes and insights from the final year (Phase 3, 2024/25) of FAIRR’s Sustainable Aquaculture engagement, supported by 61 investors with US$12.7 trillion in combined assets.  

FAIRR’s engagement with seven of the top 10 global salmon producers shows that the wild-caught fish dilemma has not been solved yet. Companies tend to focus their efforts on improving feed efficiency, rather than reducing their absolute reliance on fish-based feed ingredients.  

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