The report leverages the unique and extensive EY seafood company database (EY-SCD), which has been expanded with key data for 1,250 companies within various segments of the aquaculture value chain. Given below are a few key highlights from the extensive report:
The introduction of the resource rent tax
On 28 September 2022, the Norwegian government presented its plan to introduce a 40% resource tax on the commercially licensed sea-based production of salmon starting from 1 January 2023. It is proposed that the tax proceeds from the resource rent tax should be distributed equally between the state and the local municipalities. The proposal has received mixed reaction from the industry, mainly due to the structure of the resource rent tax combined with multiple uncertainties. The report this year explores the resource tax rate and its impact on the aquaculture industry.
To continue to grow sustainably, the industry needs to find new and sustainable feed sources, which will be critical to ensuring reduced emissions and costs. Overcoming barriers from high cost, regulatory framework, customer acceptance and nutritional quality will be especially important to meet the national ambitions of sustainable feed ingredients. The report includes views on critical success factors that must be addressed to realize the potential for novel feed ingredients.
Technology and innovation
Today, the aquaculture industry is dependent on manual processes for fish health, ineffective feeding systems and a silo-based development model where they do not collaborate sufficiently to solve common operational challenges. Data sharing and access to insights across all players in the industry will enable more disruptive technological development. This will enable the industry to solve sustainability challenges and help develop innovative, advanced solutions. The report also takes a close look at the aquaculture startup landscape and shares observations on the industry challenges they aim to address.